Heimdal Nordic and PenSam today announced the launch of Heimdal Real Estate Financing Partners (HREFP) – a new credit fund with specialised financing solutions for the professional real estate market in Denmark.
The launch of HREFP builds on Heimdal Nordic’s long-standing specialisation within real estate financing in collaboration with institutional investors – and a strong track record with investments c. EUR 700 million in the professional Danish real estate market.
The primary driver behind the establishment of HREFP is the increased professionalisation and ever-growing demand for alternative and highly specialised financing solutions in the real estate sector. At the same time, direct lending, backed by real assets, is attractive to the investors of the Heimdal funds, as the risk-adjusted return is considered to be highly competitive.
Heimdal Real Estate Financing Partners will provide flexible real estate financing, including mezzanine and junior financing across virtually all real estate sectors, including construction and development projects. The focus is on strong, professional and institutional borrowers with a solid business plan, and the structure typically assumes loan sizes from approximately EUR 10-30 million and above.
With a commitment of EUR +250 million, PenSam has confirmed its ambition to further expand its investment universe within Danish properties.
Jeppe Starup, Head of Private Capital & Real Assets, PenSam says:
“On behalf of Pensam, we are pleased to expand the collaboration with Heimdal Nordic via Heimdal Real Estate Financing Partners. The initiative supports our focus on stable and attractive returns for our members and strengthens our position in innovative financing solutions as well as our commitment to the Danish real estate market. We look forward to the fund’s further development and to contributing to the sustainable development of Danish real estate financing.”
Peter Lilja, CEO of Heimdal Nordic adds:
“We are very proud that together with PenSam we can now introduce even more financing options, including a financing model that has been widely used internationally for many years, and which has now been adapted to the Danish investment culture. With PenSam’s participation, we get the necessary institutional weight and comfort in the collaboration with major Danish banks and mortgage banks.”
Whereas Heimdal Nordic’s first fund primarily addresses financing needs outside the banking and mortgage markets, HREFP is a product where it is also possible to optimise complex financing needs in collaboration with banks and mortgage banks.
The ambition is to continue to strengthen Heimdal Nordic’s position as a market leader in alternative real estate financing solutions in Denmark – solutions that create value for both real estate investors and credit investors.
The collaboration between Heimdal Nordic and PenSam began in 2020 with investments via direct lending to the Danish real estate market.
Heimdal Real Estate Financing Partners was formally launched on 19 February 2026.
For more information – contact:
Heimdal Nordic
Peter Lilja
CEO
peter.lilja@heimdalnordic.com
+45 29 45 86 01
PenSam
Jeppe Starup
Head of Private Capital & Real Assets
jsta@pensam.dk
+45 60 43 01 64
Further information and background:
Heimdal Real Estate Financing Partners – what’s new?
Heimdal Real Estate Financing Partners complements, while not overlapping, the existing real estate loan fund, Heimdal Credit Fund, and can, among other things, structure a complete 2-tier financing, where traditional bank and mortgage financing is combined with junior lending from a Danish institutional investor.
Heimdal Nordic and PenSam are particularly pleased to be able to facilitate just such specialised structures under the auspices of HREFP, because they largely meet the interests of all parties:
- Banks and mortgage banks, together with the professional partner, achieve an even stronger security position, as well as a lower loan-to-value ratio, which optimises tied-up capital and earnings.
- Borrowers will have access to an often slightly higher and, in all cases, more flexible total loan-to-value at a competitive weighted margin.
- HREFP achieves an attractive return through the combined structure without compromising the risk profile.
Heimdal Nordic is already working on specific transactions and has entered into collaborations with several mortgage banks to jointly be able to offer attractive 2-tier financing.
Increasing demand for specialised financing solutions
In 2024, Heimdal Nordic launched the first real Danish debt fund, Heimdal Credit Fund, with PenSam as seed investor, and since then, additional investors have joined and the fund has financed properties for approximately DKK 2 billion so far.
Over the years, Heimdal Nordic has helped pave the way for this type of investment product through active facilitation and management of direct real estate loans. The combination of the banking world’s credit discipline and governance structure, with pension funds’ long-term investment approach and a local manager’s market knowledge creates a solid foundation for a robust investment case.
About PenSam
PenSam is a Danish occupational pension fund with more than 500,000 members, who primarily work within the FOA professional groups in the social and health care sectors. As a responsible and long-term investor, PenSam emphasises quality, risk management and sustainability across the portfolio when we create attractive returns to strengthen our members’ financial security.