Aberdeen Asset Management has agreed to take over the management of a Danish property portfolio worth £950million.
The north-east based investment firm will won the mandate from Danish pension fund Danica and will begin managing the portfolio of 107 residential and commercial properties as of 1 February.
Danica Pension is part of the Danske Bank group, and is one of the largest property owners in Denmark with a portfolio worth €3.3billion (£2.4billion).
The new asset management agreement means Aberdeen will be almost as big as its client, managing properties in Denmark worth €3.1billion (£2.26billion).
Aberdeen said it will also be overseeing approximately £3.65million of property development projects once they are completed. It said it aims to “optimise the value of the property portfolio through active management”, while the current property administrator will continue to be responsible for letting and administration.
Tonny Nielsen, country manager at Aberdeen said: “We are proud that Danica Pension has chosen Aberdeen to manage this property portfolio on its behalf.
“Our aim will be to capitalize on our experience and expertise of the Danish property market to create value for Danica Pension investors. We look forward to becoming an extension of Danica Pension’s team driving value through its property portfolio.”