The property fund API Property Fund Denmark P/S has acquired a major property portfolio from Diligentia Danmark A/S as per 1 July 2005. The acquired portfolio includes seven prime office properties in Copenhagen with a total value of approx. 135 million and a total floorage of approx. 70.150 m². The direct return of the portfolio is approx. 6.0%.
The entire property portfolio consists of significant properties of high quality in terms of both location and state of maintenance. The properties match the investment strategy of the Property Fund, and the acquisition fulfils the ambition of building up a major, attractive property portfolio.
"I am very satisfied with the acquisition of this attractive property portfolio rarely offered for sale in Denmark. In this manner, the investors in the Property Fund obtain all the advantages offered by the limited-partnership corporate structure, including substantial diversification within business properties through a relatively small investment and co-ownership of a very attractive property portfolio", says Tonny Nielsen, Managing Director of Aberdeen Property Investors Denmark A/S.
The value of the Property Fund's portfolio has now reached approx. 188 million covering approx. 105,000 m² located in the metropolitan area. The estimated return on equity is minimum 10% for the Property Fund after the transaction.
Torbjörn Wiberg, CEO, Diligentia AB states: "Through this transaction Diligentia has pursued its strategy of focusing more on property investments in Sweden and generally reducing our exposure to properties on the basis of our existing property portfolio which has a value of approx. SEK 30 billion."
Source: Aberdeen Property Investors