Insurance group Trygheds and healthcare firm Novo have jointly taken a 49.2% stake in Dades, a Danish commercial property owner in what experts say is the country's largest property deal ever.
Insurance group Trygheds and healthcare firm Novo have jointly taken a 49.2% stake in Dades, a Danish commercial property owner in what experts say is the country's largest property deal ever.
The vendors are the Danish pension funds for engineers and lawyers, respectively ISP Pension and JØP, as well as Danske Bank and Bevica Fonden.
Dades, which invests in Danish shopping centres and office properties, has a gross asset value of DKK 16.9 bn (€2.26 bn). The company also owns property management firm Datea, which has some €40 mln in annuall revenues.
Following the deal, the largest single shareholder in DADES will be the Aase and Ejnar Danielsens Fond foundation, with a 47.3% stake.
Erik Eliasson, chief executive of Leimdörfer, part of Brunswick Real Estate, which advised on the deal, said: 'It is a growing trend that non-traditional investors are increasingly looking at the real estate market when seeking to grow or diversify their portfolios. The market liquidity is strong, and a lot of international capital from sovereign wealth funds, corporates, private equity and other sources are now targeting the Nordics.'
