Aberdeen Asset Management announces that it has been appointed to manage a Nordic property portfolio worth 537 million. The portfolio properties are mainly located in Denmark, Sweden and Finland and consist of retail and residential properties. The portfolio was previously managed by Danish property asset manager, Property Group.
A number of the properties are distressed assets which will require active management to reach their full potential. Aberdeen's focus is to optimize the portfolio until it is ready to be sold.
The take-on of this portfolio comes a week after Aberdeen in Sweden was chosen to manage distressed assets to the value of 308 million on behalf of Danish financial institutions.
With the addition of these two portfolios, Aberdeen in the Nordics has grown its property assets under management by 846 million to 9.9 billion.
Tonny Nielsen, Aberdeen's Nordic Head of Investment Management, comments: "I am delighted to see this shift among financial institutions towards outsourcing to specialist management companies in order to optimize their portfolio, instead of passively manage properties."
The agreement takes effect on April 1, 2011.
Source: Maitland
