PFA Absalon Properties P/S

13 PROPERTIES – 2 INVESTORS

In the fall of 2013 we purchased the Absalon Portfolio encompassing 13 properties of a total of 36,000 m2 in central Copenhagen. The purchase was made in partnership with PFA Pension.

The property portfolio is characterised by extremely well-situated properties and a combination of high-quality properties and properties that require restoration. For some of the properties the application is changed from offices to residences, thus creating 55 new flats.

EXAMPLE – SKINDERGADE 29, COPENHAGEN K

A traditional city property with a total area of approx. 1,300 m2 distributed across seven residential and three commercial tenancies. The main commercial tenants are Restaurant Samos and Faraos Cigarer. Six out of seven residences had been extensively refurbished by the time of the acquisition. The property was purchased for approx. DKK 28m.

VALUE CREATION

Following the acquisition of the property it was divided into owner-occupied flats. The fund is currently selling off individual flats. This results in an increased value for the fund of approx. DKK 10m.
The opportunities for value creation were identified in connection with our enquiries prior to the purchase and were part of the business plan that formed a basis for the final decision to invest.