Aberdeen Property Fund Denmark has said it is acquiring two fully let office properties in Copenhagen from The Doctors' Pension Fund on 1 July 2009. The total area of the offices will be approximately 10,000 mm[sup]2[/sup].
Aberdeen Property Fund Denmark has said it is acquiring two fully let office properties in Copenhagen from The Doctors' Pension Fund on 1 July 2009. The total area of the offices will be approximately 10,000 mm2.
The Doctors' Pension Fund will receive half of the acquisition price totalling EUR 17.8 mln in shares in the fund.
The two office buildings are approximately 5,000 m2 each. One is what Aberdeen describes as a 'a functional and cost effective property' located at Bomhusvej 13 in the north of Copenhagen. The other property, Pilestræde 52, is a well maintained historic property in central Copenhagen. The property comprises offices and a few residences.
Aberdeen said it had calculated a return of 6.75% for Bomhusvej and 5.75% for Pilestræde.
Niels Lihn Jørgensen, CEO in The Doctors' Pension Fund also commented: 'It has been important for us to replace our direct property ownership with an indirect ownership. Aberdeen, which is an actively managed fund with a proven track record and a group of shareholders comprising renowned Danish and international investors, is an excellent element in our
future strategy for property investments.'
CB Richard Ellis provided consultancy services to The Doctors’ Pension Fund in connection with the acquisition.
On 1 January 2009, Aberdeen acquired a portfolio of seven properties from the Danish Pension Fund for Engineers (DIP) after a similar model, in which a seller enters as a long-term investor in the fund.
Aberdeen Property Fund Denmark invests in commercial properties in Denmark with a focus on office properties in the Greater Copenhagen area. The current property portfolio comprises 49 properties with commercial tenancy with a total book value of approximately EUR 740 mln.
