Swedish private equity real estate firm Niam has acquired Danish private residential firm HD Ejendomme in an all-share deal.
Financial details were not disclosed.
HD Ejendomme owns and manages a real estate portfolio valued at around €560 mln, consisting mainly of residential properties (2,000 units) and 73 commercial assets located across Denmark.
The bulk of the residential units were built within the last 15 years and are diversified in terms of type (urban townhouses, apartments, and houses) and by location.
Niam said HD Ejendomme was badly hit by the financial crisis and has since 2009 been focusing on reducing its balance sheet and optimising operations. The sale to Niam will ‘significantly strengthen’ HD Ejendomme financially and strategically, and enable the company to focus on the future, the company said.
‘We are happy to acquire HD Ejendomme where we see potential in the well-managed residential portfolio. We think this platform provides a scalable base for further growth in this segment,’ said Johan Bergman, CEO of Niam.
Established in 1998, Niam is active across the Nordic markets and has real estate assets under management of around €3.1 bn.
