Engineers, lawyers and economists buy Telenor’s headquarters in Sydhavnen.

Written by Fokus Asset Management - Posted at 1/10/2018

DIP and JØP buy an office building of about 10.500 square metres in the Sydhavnen area, with Telenor as a tenant. Fokus Asset Management along with Bech-Bruun has assisted DIP and JØP in the purchase of the property and will in the future manage the building on behalf of the two Danish pension funds. Fokus Asset Management congratulates the parties on the deal.

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Engineers, lawyers and economists buy Telenor’s headquarters in Sydhavnen.

Two pension funds take over the building from a single owner. CBRE, Plesner, Fokus Asset Management, and Bech-Bruun have advised on the deal.

Telenor is selling its office headquarters of 10.507 square metres in Sydhavnen to DIP and JØP, two pension funds for engineers, lawyers and economists owned completely by its members.

Telenor, who has run its business on the address since 1999, will continue to use the building as its main office since a part of the deal includes a 10 year sale and leaseback deal.

The property was built for Sonofon and is situated at Frederikskaj 8, 2450 København SV, facing the dock.

None of the parties wish to disclose the sale price.

-DIP and JØP have bought the property because we wish to expand the scope of our office buildings. With this addition we have properties in Copenhagen, Frederiksberg, Valby – and now Sydhavnen, investment manager Mikkel Svenstrup says.

DIP and JØP have focused strategically on the market for business properties in the past years.

-We are obligated to ensure that our members get a good return on their pensions for many years forward. That’s why we have chosen to focus our investments on office buildings among others, as this type of investment yields a continuous stable return. In a context adjusted for risk we still believe that properties are an attractive investment – not least considering the very low interests on bond investments, the investment manager says.

Telenor has been advised by CBRE and Plesner, while the pension funds DIP and JØP have been advised by Fokus Asset Management and Bech-Bruun regarding the deal.