Cordea Savills opens Danish office after €230m buy

Asset manager Cordea Savills has announced it is opening an office in Copenhagen, Denmark, after acquiring 11 retail properties in the country last year in off-market deals worth a total of €230 mln.

The new office will complement the group's existing Nordic base in Stockholm.

In addition, the company has expanded its Nordic team with the hiring of Antti Laine, Maria Ingelson and Lauren Carroll. Further appointments 'are likely to be made in the coming months', the firm said.

'The Nordics have become increasingly attractive markets for investors and with positive returns across most markets, 2014 was an attractive entry point to deploy capital,' commented Kiran Patel, chief investment officer. 'Our focus will remain towards core-plus transactions with a strong emphasis on income durability and income growth. We are ideally placed to continue ramping up our presence in the Nordics.'

In total Cordea Savills, the investment management arm of broker Savills, transacted €560 mln in the Nordics in 2014, bringing total assets under management in the region to €1.1 bn.

In December the group launched a Nordic Logistics Fund with a portfolio of €300 mln located across Sweden, Norway, Denmark and Finland. The portfolio comprises 10 prime logistic properties with average unexpired terms of over 10 years.