The leading Danish provider of property and asset management services DEAS A/S has entered into an agreement with Nordea Bank AB regarding acquisition of the Danish property asset management company Nordea Ejendomme.
Nordea Ejendomme manages a portfolio of property investments worth approximately DKK 22 billion on behalf of Nordea Liv & Pension and a number of other institutional investors, and is Denmark's largest provider of commercial leases with approximately 2,700 office, retail and logistics leases as well as approximately 1,150 residential leases.
"Following the divestment of Nordea Liv & Pension in Denmark last year, we consider it a natural step for Nordea to sell our property management company so that we can focus on our core business. With DEAS we have found an owner who has the best prerequisites for driving Nordea Ejendomme and servicing the company's customers in the future, but also to make the investments necessary to be an attractive business partner for the future," says Snorre Storset, Head of Asset & Wealth Management, Nordea.
DEAS will strengthen its position significantly in relation to asset management and property management with the acquisition of the activities of Nordea Ejendomme. Consequently the DEAS Group will manage a total real estate portfolio worth approximately DKK 140 billion.
The activities of Nordea Ejendomme will be incorporated in the DEAS Group and the services asset management and property management will thereby be strengthened.
DEAS Property Asset Management A/S was established in 2013 as a wholly-owned subsidiary of DEAS Holding A/S and has in relation to the takeover taken a new name: DEAS Asset Management A/S. With the acquisition the future total real estate portfolio under management of the company will be worth approximately DKK 27 billion.
Customers whose portfolios are currently managed by Nordea Ejendomme will be served by DEAS Asset Management.
With the acquisition DEAS will further strengthen the present organisation with more than 90 employees from Nordea Ejendomme.
The employees of Nordea Ejendomme currently working in the offices in Glostrup and Aarhus will as soon as possible relocate to DEAS’ offices at Frederiksberg and Aarhus respectively.
The transaction remains subject to applicable regulatory approvals.