Aberdeen completes €2.5bn Nordic real estate deal

Neil Slater

Edinburgh-based investment giant Aberdeen Standard Investments (ASI) and DEAS Group, the asset and property management group in Denmark, said on Monday they completed the €2.5 billion real estate transaction announced in late 2020.

The transaction results in DEAS Group taking over the management of 131 properties consisting of office, warehouse/logistics, retail and residential buildings valued at €2.5 billion.

Additionally, DEAS Asset Management A/S has been appointed the manager of a portfolio of Nordic assets totalling €1.8 billion on behalf of ASI.

Abrdn CEO Stephen Bird said: “The completion of this transaction is another step forward in our strategy of delivering client-led growth.

“By removing complexities from our business while simultaneously gaining a deeper understanding of our clients’ needs we are progressing towards building a business with strong, sustainable growth.

“Through partnering with DEAS Group, we are able to deliver a long-term solution for both our real estate business and also our clients.”

ASI Global Head of Real Estate Neil Slater said: “Our growth strategy is built around our clients’ needs and that very much includes exposure to Nordics real estate.

“I am delighted to have entered into a strategic domestic asset management arrangement with DEAS Asset Management.

“Working with our own Nordics hub in Frankfurt, the relationship ensures we have excellent asset management on the ground and the capability to source and project manage developments for clients.

“We look forward to a strong strategic partnership that reiterates our commitment to evolve our real estate offering, ensuring it aligns with changing industry and human dynamics and client needs.”

DEAS Group CEO Henrik Dahl Jeppesen said: “Our presence within the Nordic region means that we are able to offer investors expert services across fund management, investment management, and asset management throughout the region.

“Our ambition is to attract local and international investors to the Nordic region as one unified investment market.”