Norway's Storebrand Asset Management agreed to acquire Danish real estate manager and adviser Capital Investment in a 500 million Danish kroner ($79 million) deal, according to a news release Tuesday.
The deal, which is contingent upon regulatory approvals, will boost Storebrand's Nordic alternatives business.
Storebrand Asset Management has 50 billion Norwegian kroner ($5.5 billion) in real estate assets under management. The transaction will add close to 20 billion Danish kroner in assets, or about $3.1 billion, as well as new investment capabilities and Danish and international networks to help with deal sourcing.
Capital Investment has "well-established Danish and international client relationships, and we see mutual benefits for both clients and Storebrand through this acquisition. Capital Investment and their clients will also benefit from Storebrand's expertise within ESG," Jan Erik Saugestad, CEO of Storebrand Asset Management, said in the release.
Jesper Damborg, CEO of Capital Investment, added in the release: "We are thrilled to join forces with Storebrand Asset Management, a transaction which will combine two strong local market leaders into one pan-Nordic platform for best-in-class real estate asset management services. With Storebrand Asset Management, we are able to continue the differentiated and hands-on work with our properties and customers, while expanding our service palette to bring new and exciting concepts to the table."
Storebrand manages 1.04 trillion Norwegian kroner overall.
