Denmark – 29 June 2009 - Aberdeen Property Fund Denmark P/S (the Fund) will acquire two fully let office properties in Copenhagen from The Doctors’ Pension Fund on 1 July 2009. The total area of the offices will be approximately 10,000 square metres.
The Doctors’ Pension Fund will receive half of the acquisition price totalling €17.8 million of shares in the Fund.
The two office buildings are approximately 5,000 square metres each. Bomhusvej 13, 2100 Copenhagen is a functional and cost effective property located in close proximity to the motorway and to the exclusive office area North of Copenhagen. Pilestræde 52, 1112 Copenhagen is a wellmaintained historic property in central Copenhagen with a very charming atmosphere both inside and outside. The property comprises offices and a few residences.
Aberdeen calculates a return of 6.75% for Bomhusvej and 5.75% for Pilestræde. Aberdeen expects to increase the value of the properties through active management to the satisfaction of the Fund’s shareholders that now also includes The Doctors’ Pension Fund.
On 1 January 2009 Aberdeen acquired a portfolio of seven properties from the Danish Pension Fund for Engineers (DIP) after a similar model, in which a seller enters as a long-term investor in the Fund.
Tonny Nielsen, CEO for Aberdeen Property Investors Denmark A/S commented:
”We are proud to be able to meet the investors’ continuously growing demands to professional property management in a strong, tested and transparent structure".
Niels Lihn Jørgensen, CEO in The Doctors’ Pension Fund also commented:
”It has been important for us to replace our direct property ownership with an indirect ownership. Aberdeen, which is an actively managed fund with a proven track record and a group of shareholders comprising renowned Danish and international investors, is an excellent element in our future strategy for property investments.”
CB Richard Ellis provided consultancy services to The Doctors’ Pension Fund in connection with the acquisition.
For further information, please contact:
Tonny Nielsen, CEO, Aberdeen Property Investors Denmark A/S
Tel: +45 33 44 40 00, e-mail: tonny.nielsen@aberdeenpropertyinvestors.com
Niels Lihn Jørgensen, CEO, The Doctors’ Pension Fund
Tel: +45 33 12 21 41, e-mail: nlj@lpk.dk
Tom Eckersley, Maitland
Tel: +44 207 379 5151, e-mail: teckersley@maitland.co.uk
Aberdeen Property Fund Denmark P/S
Aberdeen Property Fund Denmark P/S invests in commercial properties in Denmark with a focus on office properties in the Greater Copenhagen area. The current property portfolio comprises 49 properties with commercial tenancy with a total book value of approximately €740 million.
The group of shareholders comprises 44 investors. Aberdeen Property Investors Denmark A/S manages the Fund, and the Fund is open for capital at the beginning of each calendar quarter.
More information: www.aberdeenpropertyinvestors.dk
Aberdeen Property Investors
Aberdeen Property Investors is the leading property investment manager in Denmark currently managing some €1.2 billion of direct property for our institutional clients through separate accounts and collective funds.
In Aberdeen, active management of property is our core competency. Our value chain includes investment, development, letting administration and active management in close cooperation, in order to optimise the yield potential in the properties of our funds. For the third year in a row, Euromoney awarded Aberdeen the 2008 Liquid Real Estate Awards; Best Investment Manager in Denmark.
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange, which manages around €104 billion of assets in equities, fixed income and property.
More information: www.aberdeenpropertyinvestors.dk
Lægernes Pensionskasse
The Doctors’s Pension Fund was established in 1946. Today the Pension Fund has approximately 33,000 members comprising doctors and medical students. At the end of 2008, assets under management totalled approximately €6.2 billion.
More information: www.lpk.dk