Aberdeen takes over Saxo Properties

- Group

Aberdeen Asset Management Denmark (Aberdeen) and Saxo Properties have entered into an agreement regarding the transfer of a management portfolio consisting of central Copenhagen residential and commercial properties valued at approximately €495 million. The acquistion for a small undisclosed sum also includes the transfer of 16 Saxo Properties employees to Aberdeen. The executive management team of Saxo Properties will work on consultancy basis for Aberdeen.

The transaction has strengthened Aberdeen’s position as one of Denmark’s's leading managers of real estate and real estate investments, with a total direct property management portfolio valued at approximately €1.95 billion. The Group views the acquisition of quality properties in central Copenhagen as complementary to its business strategy as well as to its existing property portfolio built up outside this geographical area. The investors behind the holdings acquired from Saxo Properties are primarily overseas institutions.

Tonny Nielsen, CEO of Aberdeen Asset Management Denmark, comments:
"It’s an excellent property portfolio with some notable investors behind it, which, in our view, fits well with Aberdeen's approach to investing and asset management strategy. As such, we look forward to working with this new group of investors. I would like to welcome the professionals joining us from Saxo and together we will strive to develop further the potential of the properties and provide the best possible client service.”

Bjørn Krog Andersen, Executive Vice President of Saxo Bank welcomes the deal:
”Saxo Bank’s strategic focus is on our core business, which is why we wished to sell Saxo Propeties. The attractive property portfolio and the clients has generated interest, and we welcome Aberdeen as the future asset manager.

For further information, please contact
Aberdeen Asset Management Denmark:

Tonny Nielsen, CEO, Aberdeen Asset Management
Email: tonny.nielsen@aberdeen-asset.com
+45 33 44 40 00

Bjørn Krog Andersen, Executive Vice President, Saxo Bank A/S
Email: bae@saxobank.com
+45 39 77 40 00

Eva Riedel, Head of Marketing and Communications
Email: eva.riedel@aberdeen-asset.com
+45 33 44 40 98