DENMARK – Danish pension fund PKA is to invest DKK450m (€60m) in a project to construct a new building for Aalborg University.

The labour market pensions administrator said it had agreed to build a 20,000 square meter property for the Danish institution, working with development firm A Enggaard.

Nikolaj Stampe, head of real estate at PKA, said: "As a long-term investor, we see several advantages in entering into this partnership with the public sector."

PKA had received a long-term agreement securing a return for the members of the five pension schemes it runs, and at the same time citizens would get higher-quality services from the public sector, he said.

Aalborg University is aiming to consolidate and expand its city campus in the centre of Aalborg, PKA said.

The new building is to house four of its faculties, which are currently spread across different sites in the city.

The new property will be in the harbourside area of the Aalborg, which is undergoing major development.

New buildings established in the quarter include facilities the university will continue to use, such as the Utzon Centre and the Nordkraft cultural centre.

The project has been designed by architects Henning Larsen, with Cowi acting as consulting engineer.

The building is expected to be ready for use in July 2014. It will include a basement car park for 300 vehicles.

It will also be environmentally certified, PKA said.

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