DENMARK – Denmark's Kristensen Properties has said it is buying the activities of Odense-based firm Hansen & Nottrup, with its €310m property portfolio.
It said the merger would make it the country's biggest fund manager for Danish companies' real estate holdings in Germany.
The acquisition involves the management of 79 limited partnerships (kommanditselskaber) with properties in Germany and Denmark, including 62 companies with 107 properties in Germany, valued at around €310m overall.
The deal brings Kristensen Properties' total number of limited partnerships to more than 220.
Properties within these partnerships are located in Germany, UK, Finland and Denmark.
Since 2003, the company's focus has been on improving property projects through active leadership and engagement, it said.
It said it had also been managing more than €1.5bn of properties in the business, hotel and residential sectors on behalf of private and institutional investors.
Staff at Hansen & Nøttrup will remain part of the organisation at Kristensen Properties following the takeover.
Separately, Kristensen Properties managing director Michael Cremer said the firm had up to €300m available to invest in German real estate.
In an interview with German news service Thomas Daily (TD), Cremer said the firm had equity commitments of €150m, and that, including borrowed capital, it could invest between €250m and €300m in German property.
The company is targeting commercial properties in central or district locations of A-class and B-class cities.
He also said the firm was planning a successor to its office real estate fund Kristensen Partners I, but added that the volume had not yet been decided.
He said lack of supply meant it was difficult to source the core-plus properties it was looking for right now, which had made it impossible to issue a fund product.