The Danish property manager DEAS Group has been selected by Aberdeen Standard Investments (ASI) as its preferred partner to take over the company’s asset management activities in Denmark, Sweden, Norway and Finland.
The DEAS Group has been selected following a thorough due diligence process.
The proposed agreement results in the DEAS Group taking over the management of a Nordic portfolio of 132 properties consisting of office, warehouse/logistics, retail and residential properties.
ASI also intends to select DEAS Asset Management to carry out asset management in the Nordic countries on behalf of ASI’s European and global funds.
The DEAS Group is expected to take over the asset management activities from ASI for EUR 4bn, which will increase the DEAS Group’s AUM to EUR 8.2bn.
The final agreement is expected to be concluded in the first half of 2021 subject to consultations with Swedish trade unions and approvals from various internal boards of directors. Subsequently, the transaction must be approved by the relevant authorities.
Accura advises the DEAS Group in connection with the expected transfer of the asset management activities from ASI.