Danish property assets put on sale by Finansiel Stabilitet

Finansiel Stabilitet, the state owned company set up to run off assets and wind up businesses of distressed banks in Denmark, has commenced a process to sell off property company exposures.

FS is looking to divest 69 property companies with loans and credit facilities totalling DKK659m. The property companies were founded as limited partnerships, and constitute assets previously linked to Roskilde Bank, Fionia Bank, EBH Bank and Eik Bank Danmark. The property companies in turn have direct investments in rental property in Germany, the UK, Denmark, Sweden and Finland.

Henrik Bjerre-Nielsen, CEO of Finansiel Stabilitet, said FS had received indications of interest sufficient to set up an open and transparent sales process around the assets.

FS wants to complete the sale by the end of June 2013. Investors are being asked to register their interest no later than Friday 24 May. Buyers are not required to hold a banking licence in order to acquire the assets on sale.

Expressions of interest should go to Morten Davidsen, senior project manager, on tel. +45 21 14 62 23 or by e-mail mda@finansielstabilitet.dk.

FS reported a profit of DKK611m for the financial year 2012, which it said was better than expected because of a reversal of previously recognised impairment charges.

The company’s assets were reduced by DKK4bn through 2012, even as it took over total assets of DKK6bn from Sparekassen Østjylland and of DKK17bn from FIH. Total assets amounted to DKK50bn (€6.7bn) as of 31 December, 2012.


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