The three Magasin department stores were acquired by PensionDanmark and ATP Ejendomme
in a joint investment with equal shares of 50 pct. The buildings hold a total of 75,000 sqm divided
between Lyngby with 28,000 sqm, Aarhus with 25,000 sqm and Odense with 22,000 sqm.
‘This is PensionDanmark’s first investment in retail properties and they make up a really good
supplement to our existing portfolio of office and residential properties. The three department
stores all have prime locations and an attractive tenant, and consequently we expect a good
return in favour of our members’ pension savings’, says Managing Director Torben Möger
Pedersen, PensionDanmark.
‘We see the investment as a good supplement to our existing properties. We also regard the
tenant, Magasin/Debenhams, as very solid and we are very pleased with the duration of the
tenancy of 25 years’, says Managing Director Michael Nielsen, ATP Ejendomme. He continues:
‘We have observed that retail properties have a different risk profile compared to office properties
and this investment contributes to fulfil our objective that 20 pct. of our properties should be in this
segment’.
The seller is Magillum Properties A/S. The present tenant, Magasin, is part of the Debenham
Group, which is listed in Britain with an annual turnover of DKK 22bn. Besides Magasin in
Denmark, the Debenham Group is managing additional 165 department stores primarily in Great
Britain and Ireland.
‘This is our first joint property investment with ATP. We hope that the investment co-operation can
be further expanded in the coming years with regard to properties, but also infrastructure could be
a possibility’ says Managing Director Torben Möger Pedersen, PensionDanmark.
ATP Ejendomme will be in charge of the administration of the three properties.
ATP Ejendomme:
ATP Ejendomme’s Danish portfolio amounts to approx. DKK 11.3bn by the end of 2010. Add to
this an exposure of DKK 15.5bn via international property funds.
PensionDanmark:
Having acquired the Magasin properties, PensionDanmark’s investments amount to approx. DKK
6.75bn primarily in Danish properties – corresponding to approx. 6.5 pct. of the members’ savings
of around DKK 100bn.
Contact details:
ATP Ejendomme: Managing Director Michael Nielsen, mn@atp-ejendomme.dk, tel. +45 20 30 49
60
PensionDanmark: Managing Director Torben Möger Pedersen, tel. +45 20 16 45 85 or public
relations manager Michael Carlsen, tel. +45 29 49 46 85
Catella Corporate Finance A/S, Copenhagen, acted as financial advisor to ATP Ejendomme and Pension Danmark.