Danica Pension, Kongens Lyngby, Denmark, hired Aberdeen Asset Management to run a €1.3 billion ($1.4 billion) real estate portfolio, said a spokesman for the pension provider.
The firm, which manages 327 billion Danish kroner ($48.1 billion) of assets, previously managed the portfolio in-house, the spokesman said. “Our portfolio of real estate has continuously grown over the past years, and so have the requirements to real estate management,” the spokesman said in an e-mail. The choice was between upgrading its own in-house team and working with an external manager. “We chose the external manager because it will provide us with more resources and additional know-how.”
Aberdeen will run the allocation starting Feb. 1, which consists of 107 residential and commercial properties in Denmark. Aberdeen will also be managing about €5 million of real estate development projects once they are completed, said a news release from Aberdeen.
Danica Pension has a total €3.5 billion real estate portfolio, the spokesman said.
