Dades, one of Denmark's largest private real estate companies, transfers both management and development of the company's DKK 25 billion property portfolio to the Nordic property developer and investor NREP, based in Copenhagen.

This was communicated through some media platforms, yesterday.

"NREP wants to set new standards in the real estate industry. With the agreement here, we get a unique opportunity to create value for even more customers and at the same time positively shape the development in the industry," says Claus Mathisen, CEO of NREP.

The agreement means that Dades' entire property portfolio will have access to NREP's resources and competencies within property development and operation, while the legal ownership of the properties remains with Dades. Dades' portfolio is worth app. DKK 25 billion.

In the same embrace, top manager Boris Nørgaard Kjeldsen resigns, but will remain as senior adviser, the parties announced on Tuesday evening.

"For us, the agreement is the start of phase three of the development and growth we started at the beginning of the zeros, and which again gained momentum when we got new owners on board in 2015. For the past six years, we have been able to look forward to historic good financial results combined with strong growth, and here in 2021 we are so ready to take the next stage of development, this time with NREP. I am sure that all the synergies that both we and NREP see in the new agreement, will cement both companies' already strong position in the market," he says.

Executive Vice President Søren Kristiansen is promoted and will be the new CEO.