Torben Modvig was named as head of real estate at the 343.2 billion Danish kroner ($47.5 billion) PensionDanmark, Copenhagen.
The portfolio that Modvig will be in charge of has a value of more than 30 billion kroner. PensionDanmark plans to invest 3 billion kroner annually in Danish real estate, in order to reach a goal of making real estate constitute 10% of its total assets, according to a news release.
Modvig is expected to take on the role no later than Sep. 1, replacing Marius Moller, who announced last summer that he would step down within the next 12 months.
Modvig will lead work to create stable returns in the sector, while also ensuring investments make a tangible contribution to society.
“Torben comes with extensive managerial experience from the sector and has shown that he executes with care and consideration," said Peter Stensgaard Morch, CEO of PensionDanmark, in the news release. "He has the right skills and values on both a professional and a human level to create success and solid returns in our extensive and ambitious portfolio."
Previous PensionDanmark real estate investments include in buildings that are company headquarters in Denmark, including those of Nordfyns Bank in Odense, Semco Maritime in Esbjerg, and Alpha Laval in Aalborg.
Modvig was formerly CEO of Danish construction company Nordstern, which he had been in charge of since 2019.
