Aberdeen Property Fund Denmark P/S (the Fund) will acquire two fully let office properties in Copenhagen from The Doctors' Pension Fund on July 1, 2009. The total area of the offices will be approximately 10,000 m².
The Doctors' Pension Fund will receive half of the acquisition price totalling 17.8 million of shares in the Fund.
The two office buildings are approximately 5,000 m² each. Bomhusvej 13, 2100 Copenhagen is a functional and cost effective property located in close proximity to the motorway and to the exclusive office area North of Copenhagen. Pilestræde 52, 1112 Copenhagen is a well-maintained historic property in central Copenhagen with a very charming atmosphere both inside and outside. The property comprises offices and a few residences.
Aberdeen calculates a return of 6.75% for Bomhusvej and 5.75% for Pilestræde. Aberdeen expects to increase the value of the properties through active management to the satisfaction of the Fund's shareholders that now also includes The Doctors' Pension Fund.
On January 1, 2009 Aberdeen acquired a portfolio of seven properties from the Danish Pension Fund for Engineers (DIP) after a similar model, in which a seller enters as a long-term investor in the Fund.
Tonny Nielsen, CEO for Aberdeen Property Investors Denmark A/S commented: "We are proud to be able to meet the investors' continuously growing demands to professional property management in a strong, tested and transparent structure.
Niels Lihn Jørgensen, CEO in The Doctors' Pension Fund also commented: "It has been important for us to replace our direct property ownership with an indirect ownership. Aberdeen, which is an actively managed fund with a proven track record and a group of shareholders comprising renowned Danish and international investors, is an excellent element in our future strategy for property investments."
CB Richard Ellis provided consultancy services to The Doctors' Pension Fund in connection with the acquisition.