The Danske Bank owned pension provider Danica Pension has just collected a significant billion-kroner sum after completing one of the biggest Danish real estate trades in decades – the sale of half of Danica's portfolio of 16 shopping centers at a price of almost DKK 7 billion (EUR 940 million), to pension fund ATP. The centers throughout the country have a total area of 400,000 sq.m. and 1,100 leases, which are visited annually by 60 million customers.
But if you ask André Scharf, Chief Executive of Danica Real Estate since last fall, the money will not be collecting dust in the Danske Bank-owned money tank: The deal with ATP expresses a clear commitment to risk more on shopping centers, but from now on with a better balanced portfolio, where the 16 centers no longer account for half of Danica's exposure in real estate.
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