Highlights of the year
Very satisfactory result of DKK 2.4bn for 2017 corresponding to 7 per cent. The portfolio value increased by DKK 9.4bn to DKK 43.8bn.
- The return for the year increased to DKK 2.4bn from DKK 2.1bn in 2016.
- The rate of return increased to 7.0 per cent from 6.3 per cent in 2016.
- The occupancy rate (based on rent receipts) for directly owned properties has as of end 2017 decreased slightly by 0.2 per cent to 93.7 per cent from 93.9 per cent in 2016. The rentable area comprises 1.6m sq. m.
- For 2017, investments amount to DKK 9.5bn.
- The most important investments in 2017 include:
- DKK 6.8bn in 16 Danish shopping centres in a joint venture with a Danish pension fund.
- Current investments in a European logistics real estate fund increased by DKK 745m.
- DKK 700m in a hotel property in Munich in a joint venture with a Dutch pension fund.
- A major hotel development project in Amsterdam in a joint venture with a foreign institutional investor.
- An increased owner’s share in the hotel and residential complex ‘Scandinavian Center Aarhus’ amounting to DKK 120m.
- 8 smaller Danish commercial properties amounting to a total of DKK 148m leased to retail businesses.
- Development project in Copenhagen comprising residential and commercial leases for a total of DKK 230m and an expected project value of approximately DKK 700m.
- Disposition of holdings in real estate funds amounts to DKK 1.0bn.