Aberdeen Asset Management is taking control of Saxo Properties, the manager of a commercial and residential property portfolio in central Copenhagen valued at around DKK 3.7 bn (€500 mln).
Aberdeen Asset Management is taking control of Saxo Properties, the manager of a commercial and residential property portfolio in central Copenhagen valued at around DKK 3.7 bn (€500 mln).
Financial details were not disclosed.
As part of the agreement, Saxo's 16 employees will move to Aberdeen. The deal lifts Aberdeen's assets under management in Denmark to SEK 14.6 bn.
Saxo's company's clients are mainly foreign institutional investors.
'With the acquisition of Saxo Properties, Aberdeen Asset Management has complemented its portfolio with properties in central Copenhagen,' Aberdeen said in a statement.
'It is an exciting property portfolio with some notable investors behind it,' noted Aberdeen's CEO Tonny Nielsen.
The deal is part of Saxo's parent company Saxo bank's strategy to focus on its core business.
