Wihlborgs has signed an agreement with the pension company Danica to acquire 15 properties in the third quarter. The properties are mainly located in areas where Wihlborgs is already established, such as Herlev/Ballerup and Høje-Taastrup, but are also in areas including Ørestad and Hørsholm/Holte.
The purchase price amounts to EUR 242M. The annual rental income totals EUR 17.5M per year with a vacancy rate of 9 percent and an initial investment yield of 6 percent. Possession will be taken in the third quarter of 2017 and be recognised in the accounts from the 1st of August. The main funding for the investment is through the Danish mortgage-credit system and is complemented by existing credit facilities.
 
The larger tenants include the Danish government, Føtex, Danske Bank, CGI, Konica Minolta and Gribskov Municipality.
 
“Denmark remains an interesting market due to its positive economic trend. This opportunity has now arisen to acquire a portfolio comprising modern office properties, largely located in areas where we are already established,” says Anders Jarl, CEO of Wihlborgs Fastigheter.
 
Over the last few years, Wihlborgs has considerably expanded its property portfolio. At the end of 2015, two larger properties totalling 110,000 square meters were acquired and a further 13 properties with a total area of 100,000 square meters  were acquired in autumn 2016. Following this acquisition, Wihlborgs will have a property portfolio in Denmark of around 570,000 square meters  and valued at EUR 681M.