Pictet Alternative Advisors, the asset management arm of Switzerland's Pictet Group, has acquired a portfolio of Danish properties from local holding company VKR Group.
The assets are situated in Østbirk, Thyregod, Brædstrup, Ringkøbing and Gelsted and have all been leased back on a long-term basis by VKR, which owns firms specialising in windows and exterior doors.
Financial details were not disclosed.
'We are very satisfied with the agreement to acquire the properties from VKR Group, which will be leased back via a long-term agreement. In addition to the agreement being attractive in itself, it provides us with another good inroad into the Danish market and underlines our commitment in the Nordic region,' said Simon Geldmann at Pictet Alternative Advisors.
After the sale, VKR Group’s business units Velux and Dovista will continue their current activities within product development, production and logistics at the affected sites, which will now be managed by Pictet Alternative Advisors.
Mads Kann-Rasmussen, CEO for VKR Holding, said: 'At VKR Group, we are constantly looking at how we can optimise our business. Ownership and administration of properties are not our key competencies and previously we have successfully carried out similar agreements.
'Therefore, we wanted to further reduce the number of properties we own and manage. Through this agreement with Pictet, we have found an experienced and professional partner which can ensure Velux and Dovista the best conditions as a lessee, at a competitive price.'
Velux Collection, which is a Velux museum and LKR Innovation House, which is the Velux Group’s future innovation centre named after Lars Kann-Rasmussen, are not part of the agreement.
