The Public Sector Pension Investment Board, along with Aviva Investors, is buying Galleri K, a real estate asset in Copenhagen, Denmark.
The four-story building, which includes retail and leisure space, office space, storage and parking, is currently leased to many national and international brands.
The deal builds on past co-investment partnerships between PSP Investments and Aviva Investors, including two in the U.K. — a £250-million deal in commercial property in Cambridge in 2019 and a deal worth more than £400 million in central London in 2015.
Read: PSP Investments sells off Paris office building
“As we continue to expand our partnership with Aviva Investors, we are thrilled to be entering Copenhagen, a supply-constrained market that is recognized as a top European tech hub and benefits from a highly educated labour pool,” said Stéphane Jalbert, managing director of Europe and Asia Pacific, real estate investments at PSP Investments, in a press release. “This acquisition is in line with our strategy to invest in key innovation markets.”