Aberdeen's Nordic property business wins new mandate and sees client extend contract

- Group

Aberdeen Asset Management has been awarded a property asset management contract from Danish Charity Foundation Aage V. Jensen to manage its direct owned Danish property portfolio of €170 million. Until now, Aa. V. Jensen Charity Foundation has managed the 17 Danish residential and commercial properties in-house while the property administration has been with an external property administrator.

Mette Skov, president, Aa. V. Jensen Charity Foundation, comments: “Having a professional asset manager like Aberdeen to actively manage our properties is crucial to creating satisfactory returns in a property portfolio.”

In Sweden, SEB Trygg Liv has extended the current property asset management agreement with Aberdeen for another three years. Aberdeen has successfully managed SEB Trygg Liv’s €2 billion property portfolio in Sweden since January 2010, with the clear aim to reduce the vacancy rate and raise the profile of the portfolio in the field of sustainability.

Tomas Krywult, Head of Real Estate Investment Management at SEB, said: “We are very happy with our collaboration with Aberdeen and the positive development of the portfolio. Aberdeen has very competent staff and I am looking forward to continue working with them in the future.”

Of the portfolio’s total 520,000 square metres, 135,000 square metres have been let or renegotiated. Five properties have been certified as Green Buildings and another seven are expected to be certified shortly by an equivalent local sustainability standard.

Tonny Nielsen, Nordic Head of Investment Management, comments: “Aberdeen Asset Management sees a structural change in the Nordic market towards more segregated property mandates with professional property asset managers to substitute in-house management and low quality administration and we expect more investors to follow this trend. Our expertise and history of investing in the Nordic property market means we are well placed to assist.”

In property alone, Aberdeen manages some €9 billion of assets in the Nordic region through property funds and separate account mandates.

For further information, please contact:

Tonny Nielsen
Nordic Head of Investment Management
Aberdeen Asset Management Denmark A/S
Tel: +45 33 44 40 00

Tom Eckersley
Tel: +44 (0)207 379 5151