Global asset manager Aberdeen Standard Investments (ASI) has agreed to sell its Nordic direct real estate business to Danish property management firm Deas Group.
Financial details were not disclosed.
Neil Slater – global head of real estate, ASI commented: 'We are delighted to partner with Deas Group to create a long-term solution for our domestic real estate business across the Nordics.'
The deal covers real estate holdings in Sweden, Norway, Finland and Denmark, comprising a portfolio of 132 properties consisting of office, warehouse/logistics, retail and residential buildings representing a value of €2.3 bn assets under management.
'Our primary focus was to find a high quality asset manager that continues to provide a superior service for clients invested in Nordic direct real estate portfolios,' Slater added. 'Furthermore, as part of the intended transaction, we will enter into a domestic asset management arrangement with Deas Asset Management enabling ASI to continue, as part of its international real estate strategy, to have an investment allocation to the Nordics.'
He concluded: 'After an extensive due diligence process, Deas Group was a clear choice from a client, cultural and real estate perspective.'
ASI said it remained committed to the Nordics and would maintain an exposure to the region across its pan-European and sector specific real estate funds. To facilitate this, ASI said it would appoint Deas Asset Management to manage its €1.7 bn portfolio of Nordic assets. This brings the total assets under the proposed deal managed by DEAS Asset Management to €4 bn.
DEAS Asset Management, the independent subsidiary within the group, will manage the new activities and consequently conduct asset management of a property portfolio totalling €8.2 bn AUM.
Henrik Dahl Jeppesen, CEO Deas commented: 'The Deas Group’s proposed acquisition of the Nordic direct real estate business of Aberdeen Standard Investments and the future cooperation follows a broader Nordic strategy focusing on pursuing growth opportunities in all four markets.
'Above all, our prime focus is on creating strong investment results for our investors. Our intention is to establish a pan-Nordic full-service provider within real estate that offers execution in all stages of the value chain for investors. We will build on local expertise and best practice throughout the Nordic region.'
Deas said it would take on new professionals as a result, building to around 90 real estate investment specialists operating from eight offices of Deas Asset Management in Sweden, Norway, Finland and Denmark.
