Aberdeen Asset Management has won a mandate to manage the direct property portfolio of a Danish charitable foundation.
The company announced the contract win involves managing €170 million of real estate for Aage V. Jensen which up until now has managed its holdings internally. The portfolio consists of 17 Danish residential and commercial properties.
Mette Skov, president, Aa V Jensen Charity Foundation, said in a statement that appointing Aberdeen was crucial to create what it described as satisfactory returns by active management.
Aberdeen scored a double success as it also revealed its contract to manage a €2 billion Swedish portfolio for the charity for SEB Trygg Liv has been extended by another three years. It was first handed the contract in January 2010. Of that portfolio’s total 520,000 square metres, 135,000 square metres have been let or renegotiated.
Tonny Nielsen, Nordic head of investment management, said the company saw 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.” He said: “We expect more investors to follow this trend.”
Aberdeen manages around €9 billion of assets in the Nordic region through property funds and separate account mandates.