OpenList — Private Markets

BI Erhvervsejendomme A/S

Real Estate · Nordic Europe · Direct Real Estate

Figures refer to the share class ISIN DK0061026549, currency DKK, retail share class.

Fund documents

For the share class shown above.

Factsheet (PDF, 28.09.2026)KID (PDF, 19.12.2025)

Key facts

Management company
BI Erhvervsejendomme A/S
Asset class
Real Estate
Geography
Nordic Europe
Strategy
Direct Real Estate
Share class currency
DKK
Share class inception
19.06.2018
Fund size
3420 million (as at 31.08.2026)
Management fee
Not available in this publication
Performance fee
No
Liquidity
Not available in this publication
UCITS
No
Risk grade (SRRI)
Not available in this publication
Registered in Switzerland
No (qualified investors only)

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

9510010511011512020222023202420252026122.699.6Fund (share class shown)Benchmark9510010511011512020222023202420252026122.699.6Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.2025101.4104.0
3Y30.09.2023105.8115.4
5Y30.09.202199.6122.6
Since 201831.10.2019106.4126.1

Total return: distributions reinvested.
In DKK, the currency of the share class shown.
The benchmark is in EUR, not converted.
Fund history to 29.09.2026.
Benchmark history to 29.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

-405YTD: Fund 0.99%YTD: EUR 3-month deposit + 2% 2.71%YTD1Y: Fund 2.12%1Y: EUR 3-month deposit + 2% 4.06%1Y3Y p.a.: Fund 1.93%3Y p.a.: EUR 3-month deposit + 2% 4.94%3Y p.a.5Y p.a.: Fund -0.06%5Y p.a.: EUR 3-month deposit + 2% 4.12%5Y p.a.2025: Fund 3.02%2025: EUR 3-month deposit + 2% 4.27%20252024: Fund 2.20%2024: EUR 3-month deposit + 2% 5.82%20242023: Fund -4.55%2023: EUR 3-month deposit + 2% 5.35%2023Fund (share class shown)BenchmarkYTDYTD: Fund 0.99%0.99YTD: EUR 3-month deposit + 2% 2.71%2.711Y1Y: Fund 2.12%2.121Y: EUR 3-month deposit + 2% 4.06%4.063Y p.a.3Y p.a.: Fund 1.93%1.933Y p.a.: EUR 3-month deposit + 2% 4.94%4.945Y p.a.5Y p.a.: Fund -0.06%-0.065Y p.a.: EUR 3-month deposit + 2% 4.12%4.1220252025: Fund 3.02%3.022025: EUR 3-month deposit + 2% 4.27%4.2720242024: Fund 2.20%2.202024: EUR 3-month deposit + 2% 5.82%5.8220232023: Fund -4.55%-4.552023: EUR 3-month deposit + 2% 5.35%5.35Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN DK0061026549, currency DKK, retail share class-0.10-0.500.520.993.022.20-4.552.121.93-0.061.53-0.04-1.79
BenchmarkEUR 3-month deposit + 2%0.361.052.062.714.275.825.354.064.944.12–––
Differencefund minus benchmark, in percentage points-0.46-1.55-1.54-1.72-1.25-3.62-9.89-1.94-3.01-4.18–––

Within the list: OpenList — Private Markets

Compared with the real estate funds on OpenList — Private Markets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.

This fundGroup medianPosition
Return 1Y2.123.468 of 10
Return 3Y p.a.1.932.877 of 10
3Y p.a. over its own benchmark-3.01-2.616 of 10
Volatility 3Y1.533.044 of 10
Sharpe ratio 3Y-0.040.137 of 10
Max drawdown 3Y-1.79-0.568 of 10
Management feeNot available in this publication0.65%No value for this fund (3 without a value)

Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.

Return against risk, 3 years

08Return 3Y p.a. (%)Volatility 3Y (%)010Imofid: volatility 2.03%, return 5.37% p.a.Fundiestamo Imopoupança: volatility 1.01%, return 5.48% p.a.Interfundos AF Portfolio Imobiliário: volatility 4.06%, return 7.74% p.a.Deka-ImmobilienGlobal: volatility 6.85%, return 1.92% p.a.BPI Imofomento: volatility 0.67%, return 3.01% p.a.Deka-ImmobilienMetropolen: volatility 6.95%, return 1.18% p.a.RP Immobilienanlagen & Infrastruktur T: volatility 9.47%, return 5.52% p.a.Aachener Grund-Fonds Nr.1: volatility 0.82%, return 2.73% p.a.UBS Direct 1a Immo PK: volatility 4.51%, return 0.18% p.a.BI Erhvervsejendomme A/S: volatility 1.53%, return 1.93% p.a.This fund08Return 3Y p.a. (%)Volatility 3Y (%)010Imofid: volatility 2.03%, return 5.37% p.a.Fundiestamo Imopoupança: volatility 1.01%, return 5.48% p.a.Interfundos AF Portfolio Imobiliário: volatility 4.06%, return 7.74% p.a.Deka-ImmobilienGlobal: volatility 6.85%, return 1.92% p.a.BPI Imofomento: volatility 0.67%, return 3.01% p.a.Deka-ImmobilienMetropolen: volatility 6.95%, return 1.18% p.a.RP Immobilienanlagen & Infrastruktur T: volatility 9.47%, return 5.52% p.a.Aachener Grund-Fonds Nr.1: volatility 0.82%, return 2.73% p.a.UBS Direct 1a Immo PK: volatility 4.51%, return 0.18% p.a.BI Erhvervsejendomme A/S: volatility 1.53%, return 1.93% p.a.This fund

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 28.09.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

BI Erhvervsejendomme A/S is an alternative investment fund designed to provide long-term capital growth through exposure to Danish commercial real estate via financial instruments and property companies. It has a summarized risk indicator of 2 out of 7 and is described as primarily suitable for investors with a buy-and-hold strategy, reflecting the fund’s limited liquidity and recommended holding period of 4 years. The typical investors are those investing pension assets, assets under the Danish business tax scheme, and companies, while investors using free capital may also invest. Its distinct role in a portfolio is as a specialist satellite exposure to leased Danish commercial property rather than a broad multi-asset or benchmark-oriented core allocation.

Investment strategy

The stated objective is to create long-term capital appreciation by investing in financial instruments with exposure to commercial real estate and/or property companies that mainly invest in commercial real estate. The fund invests in financial instruments with exposure to leased Danish commercial properties, and initially invests in a bond issued by PFA DK Core Erhverv I K/S, which is linked to a portfolio of leased Danish commercial properties managed by PFA DK Ejendomme Lav A/S. Up to 10% of assets may be invested in financial instruments that do not meet the main real-estate exposure criteria. The fund has no benchmark, is accumulating, is denominated in DKK, is taxed under the mark-to-market capital income regime, and has a recommended investment period of 4 years.

Investment philosophy

• The investment universe is alternative assets, specifically financial instruments with exposure to Danish commercial real estate and/or property companies that invest in commercial real estate.

• The fund’s initial implementation is through a bond issued by PFA DK Core Erhverv I K/S, giving exposure to a portfolio of leased Danish commercial properties managed by PFA DK Ejendomme Lav A/S.

• The portfolio may invest up to 10% of assets in financial instruments that do not meet the core commercial real-estate criteria.

• The current portfolio is highly concentrated, with the largest disclosed holding being Pfa Danske Core Erhvervseje at 100.13% weight.

• The structure reflects illiquid underlying assets, with 100% of assets subject to special arrangements due to illiquidity, and leverage stated as most often below 1.

The asset manager

The fund is administered by BI Management A/S, and the listed portfolio manager is BI Asset Management Fondsmæglerselskab A/S. The documents give BI Management A/S’s contact details as Bredgade 40, 1260 Copenhagen K, with telephone 77 30 90 00. The fund itself is BI Erhvervsejendomme A/S, a listed alternative investment fund with total assets of DKK 3,427 million.

Strengths

The fund is differentiated by its narrow focus on leased Danish commercial real estate through financial instruments rather than direct broad-market securities exposure. It is structured as an alternative investment fund with article 8 sustainability characteristics and explicitly targets long-term capital growth from a defined real-estate strategy. The portfolio is currently concentrated in a single disclosed core exposure, which gives investors a very specific implementation of Danish commercial property exposure. Its low summarized risk class of 2 is paired with explicit recognition of limited liquidity, making it a distinct specialist vehicle for investors prepared to hold through the recommended period.

Risks

The fund is classified in risk class 2 out of 7, which the document describes as a low risk class, although investors can still lose part or all of their investment. A central risk is liquidity risk because the fund invests in financial instruments with exposure to commercial real estate and its assets are illiquid; investors may not be able to sell when desired, and any sale price may be materially below intrinsic value. The documents also name counterparty risk, event risk, rental risk, and property-specific risks including changes in letting markets, taxation, tenancy law, competition, market conditions, and liquidity conditions that can affect property values. Sustainability risks are expected to have a low impact on returns, and the concentrated structure and 100% allocation to assets under special arrangements due to illiquidity reinforce the fund’s dependence on this specific commercial property exposure.

WSP report

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Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative