Aberdeen awarded €1.3b mandate
Aberdeen Asset Management has been awarded a €1.3 billion ($1.4 billion) mandate by Danica Pension, a Danish commercial pension fund. Aberdeen will manage Danica Pension’s portfolio of 107 residential and commercial properties in Denmark, effective Feb. 1, 2016.
Danica Pension is part of the Danske Bank group and is one of the largest property owners in Denmark with a portfolio of €3.3 billion ($3.6 billion).
Aberdeen also will be responsible for managing approximately €5 million ($5.5 million) of property development projects once they are completed. The aim will be to optimize the value of the property portfolio through active management, while the current property administrator will continue to be responsible for leasing and administration.