COPENHAGEN-Saxo Properties and Resolution Real Estate Advisers LLP have entered into a joint venture to invest up to $360 million in properties in the central business district here. The venture will target multifamily and commercial retail property, including the refurbishment and repositioning of properties.
Locally based Saxo is the 1-year-old property investment arm of Saxo Bank. Resolution is based in London. The new venture will last up to five years, with an emphasis on income growth and capital gains, according to a Saxo statement.
Robert Laurence, CEO of Resolution, said in the statement that Saxo provides the venture with an experienced property team. “The stability of the underlying economy in Copenhagen, coupled with the opportunity to acquire good quality assets at levels representing a significant discount to their peak values, is of great appeal to us,” he said. His firm is invested across Europe, including
France, Poland, Germany, the UK and Switzerland, and is targeting a portfolio size of $3.7 billion.
de Morgan & Co. of London acted on behalf of Saxo Properties in the negotiations and Resolution was represented by Whitmarsh Holt Young along with local advisers, including Plesner and Sadolin & Alb
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