Pension Funds

ATP picks new CEO for real estate

Martin Vang Hansen was named CEO of ATP's 50 billion Danish kroner ($7.6 billion) real estate arm, a spokeswoman said.

Mr. Hansen, previously chief financial officer, is replacing Michael Nielsen. Mr. Nielsen is stepping down following a change in strategy initiated by ATP's chief investment officer, Kasper Ahrndt Lorenzen, the spokeswoman said.

However, Mr. Nielsen will remain at the 779.2 billion kroner pension fund, Hilleroed, Denmark. "(Mr. Nielsen) has agreed to continue to share his knowledge and experience with ATP. His exact role has yet to be defined," Mr. Lorenzen said in a news release.

A search is underway for a new CFO, the spokeswoman added.

"(Mr. Nielsen) has done a fantastic job at ATP real estate," Mr. Lorenzen said in the news release. "He has developed our real estate portfolio and created solid returns for the benefit of Danish pensioners. He has done so in line with ATP's values and with a great understanding of the role ATP plays in society."

Mr. Lorenzen added: "(Mr. Hansen) is the right man to take on this job. I know (him) as a capable leader with the right values and ability to motivate and mobilize people. I'm certain that (he) in close cooperation with the nearly 100 employees will further ensure long-term value creation in ATP real estate."