PenSam building new homes at a value of DKK 1.4 billion
The Danish pension fund PenSam together with KPC and Sjælsø will build new homes at a selling price of DKK 1.4 billion. PenSam will invest in three different residential projects situated at Teglholmen in Copenhagen. A new change in legislation makes it possible for PenSam to resell the flats as soon as they have been built. Plesner has assisted PenSam with the project.
PenSam will build owner-occupied flats at Teglholmen in Copenhagen at a total selling price of DKK 1.4 billion. Three residential projects will be built in collaboration with the Danish development and construction company KPC and the Danish contraction company Sjælsø.
The new thing is that PenSam will build the homes for the purpose of directly reselling them as owner-occupied flats. Until now Danish pension funds have not been permitted to do so.
Until July 2015 pension funds were prevented by law from acquiring and building property for the purpose of a resale. Until the change in legislation pension funds were only permitted to invest in property for the purpose of a permanent investment of the pension funds' capital.
Plesner has assisted PenSam with the project.