Aberdeen appointed to manage Nordic property portfolio
Aberdeen Asset Management has been appointed to manage a Nordic property portfolio.
The total value of the property portfolio that Aberdeen will manage is €537million (DKK4bn). Portfolio properties are mainly located in Denmark, Sweden and Finland and consists 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 €308m 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 €846m to €9.9bn.
Tonny Nielsen, Aberdeen’s Nordic head of Investment Management, said: “I am delighted to see this shift amongst financial institutions towards outsourcing to specialist management companies in order to optimise their portfolio, instead of passively manage properties.”