Saxo Properties and Resolution Property Invest Remaining Funds by Summer 2012
Saxo Properties and Resolution Property expect to invest an additional 125 million DKK in the newly purchased properties.
Since entering a Joint Venture in August, 2011, Saxo Properties A/S, the property investment arm of Saxo Bank, the Copenhagen-based trading and investment specialist, and Resolution Real Estate Advisers LLP “Resolution Property”, the pan European real estate fund, has co-invested 850 million DKK of the targeted 1.9 billion DKK in properties in the central business district of Copenhagen as well as Frederiksberg and Østerbro, west and north of the city centre, respectively.
Saxo Properties and Resolution Property expect to invest an additional 125 million DKK in the newly purchased properties, already acquired by a variety of institutions, pension funds and individuals. The venture is targeting residential and mixed use, residential and commercial buildings which will benefit from the application of intensive asset management, including refurbishment and the repositioning of occupiers.
Jesper Damborg, Chief Executive of Saxo Properties, said: “The Joint Venture with Resolution Property has not only been fruitful, achieving good returns, but has also been a great learning experience. We are already looking at more investments, and expect that we will be ready to invest the remaining funds by summer 2012.”
Peter Todd, Executive Director of Resolution Property, said: “Resolution are very pleased with our initial purchases which represent significant value compared to peak prices and have excellent income growth prospects. We are delighted with our initial start to our joint venture with the Saxo Properties team and excited about the prospects for future deals and strong income growth from the assets acquired.”
Saxo Properties is a wholly owned subsidiary of Saxo Bank and was launched in March 2010 to provide closed end funds for both high net worth clients and institutional investors, focusing on residential, office and retail property in Central Copenhagen.
Originally founded in 1998, Resolution Property, backed by a shareholder base including international private equity investors, pension funds and major US universities and foundations, is invested across continental Europe including France, Poland, Germany, United Kingdom and Switzerland. With a €808 million capital raising completed in 2007, Resolution Property is targeting a portfolio size over €2.6 billion.
The Joint Venture has a life span of three to five years with the emphasis on income growth and capital gains.
About Saxo Bank
Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
- Contact Information
- Kasper Elbjørn
- Head of Group Public Relations
- Saxo Bank
- (45) 3065 4300
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