These functions are currently performed in-house and Aberdeen believes that by moving to this new model it will be able to offer our clients and their tenants a more efficient service. The management of portfolios, in terms of buying and selling of assets/sites and the leasing of properties will continue to be undertaken by Aberdeen’s highly regarded fund and asset management teams. Aberdeen will retain a robust and strong oversight and governance function in relation to the services provided to it by CBRE.

Aberdeen’s direct property business in the Nordics has evolved and grown over the past decade in part through a number of strategic acquisitions which have both broadened and deepened our capabilities and market coverage. While Aberdeen operates under one investment process some system infrastructure and teams have remained unaltered. In looking at ways to strengthen the services delivered to clients Aberdeen has identified the need to create operational synergies which will allow the fund and asset management teams to focus solely on value-adding portfolio management activities.

As a consequence of this, Aberdeen has undertaken an exercise to select, where it has discretion, a single outsource provider of property management and property accounting services in the Nordics region (covering Denmark, Sweden, Norway and Finland). Following our selection process it is Aberdeen’s intention to partner with CBRE for the provision of these services from April 2016. Aberdeen is committed to ensuring continuity of service and it is our intention that Aberdeen staff working in the teams covered by this agreement will transfer to CBRE.

Pertti Vanhanen, Group Head of Property, comments: “This is a natural progression for us as we continue to look at ways to enhance further the services we deliver to our clients. Property management and accounting services have been outsourced functions of our UK and Continental European business for many years to the benefit of our clients. With the quality of coverage and service provision of external providers improving we are comfortable with outsourcing these services in the Nordic region and look forward to working with CBRE.”

Andy Hay, EMEA Head of Asset Services at CBRE, comments: “Aberdeen Asset Management has a clear mission to drive strong fund performance for its clients. This mirrors our client centric approach towards property management and SPV accounting. We believe in providing real returns on investment through expert advice and value add initiatives which make the assets work harder and better. We look forward to becoming an extension of Aberdeen’s team driving value through its property portfolio in the Nordics.”