Danish pension fund Danica has awarded Aberdeen Asset Management a mandate to manage 鈧�1.3 bn of commercial and residential real estate.
Danish pension fund Danica has awarded Aberdeen Asset Management a mandate to manage 鈧�1.3 bn of commercial and residential real estate.
Danica Pension is part of the Danske Bank group, and is one of the largest property owners in Denmark with a portfolio of 鈧�3.3 bn. The mandate awarded to Aberdeen AM comprises 107 residential and commercial properties in Denmark. Danica had previously managed these assets in-house.
Aberdeen AM will also be managing 鈧�5 mln of property development projects once they are completed. The aim will be to optimise the value of the property portfolio through active management, while the current property administrator will continue to be responsible for letting and administration.
Tonny Nielsen, country manager and head of property strategic projects at Aberdeen, said: 'Our aim will be to capitalise on our experience and expertise of the Danish property market to create value for Danica Pension investors.'
This mandate lifts Aberdeen AM's assets under management in Denmark to 鈧�3.1 bn.
