AMWatch

Pension fund depreciates property portfolio by EUR 53.6 million due to regulatory change - may write off more

Pension fund P+ reported that it had written off EUR 53.6 million (DKK 400 million) of its real estate portfolio due to concerns about new legislation. The plan for the new regulations was revealed in January, and further depreciation may be a possibility, says CIO Mikkel Svenstrup, who is waiting for the final legislation.

Mikkel Svenstrup, CIO at P+. | Photo: PR

P+, which was created after the merge of DIP and JØP, decided to cut out EUR 53.6 million (DKK 400 million) of its Danish rental property portfolio in 2019.

The depreciation happened before the pension fund knew what the new legislation, which aims to stop short-term property speculation, would include. The legislation has not yet been prepared.

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