PensionDanmark has announced the acquisition of a commercial property development at the Buddinge Station, in Buddinge, north of Kopenhagen from local developer Sophienberg Ejendomsudvikling for DKK 282 mln (EUR 38 mln).

The property, which will house the office of consulting engineers Moe & Brødsgaard and a Kvickly grocery store, consists of a total of 14,500 m2 including 7,500 m2 of offices, 4,000 m2 of retail accomodation and a 3,000 m2 underground parking facility. Both tenants have signed a 10-year lease.

PensionDanmark will take over ownership of the asset on completion due for early 2013. Myhlenberg is the turnkey contractor, while architects Schmidt Hammer Lassen were responsible for the design.

'We have expanded our portfolio of properties in the last few months. This commercial asset fits nicely into our portfolio of residential, commercial and retail properties, which together will provide a good return,' said PensionDanmark's property director Soren Ulslev.

In January the institutional investor teamed up with ATP Ejendomme to buy three Magasin department store properties covering a total space of 75,000 m2 in the cities of Lyngby, Aarhus and Odense.

PensionDanmark has a total of DKK 6.8 bn invested in Danish real estate with another DKK 0.5 bn invested outside its home country.