Saxo Properties and Resolution Property Form a €250 Million Joint Venture
Released on: August 18, 2011, 3:03 pm
Author: Saxo Bank
Saxo Properties, the property investment arm of Saxo Bank, the
Copenhagen-based trading and investment specialist, has entered into a
joint venture with Resolution Real Estate Advisers LLP "Resolution
Property", the pan European real estate fund, whose investors include
some of the major US universities such as Harvard and Yale and
foundations, currently has €1.5 billion of assets under management.
The Joint Venture will focus on co-investing up to approximately €250 million in the
central business district of Copenhagen, 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. With an in-house team of 15 highly skilled property professionals and a
facilities management arm, Saxo Properties is well positioned to identify off market
opportunities, and implement an asset management programme of improvements resulting
in significantly enhanced returns for investors.
The new venture, which is already targeting its first purchases, will have a life of
three to five years with the emphasis on income growth and capital gains.
Jesper Damborg, Chief Executive of Saxo Properties said: "We are delighted to have
teamed up with Resolution Property, one of the leading pan European real estate
investors, with assets across Continental Europe. The Joint Venture will seek to
take advantage of carefully selected opportunities which have the potential to
produce above average returns in the medium term."
Robert Laurence, Chief Executive of Resolution Property said: "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. Our Joint Venture with Saxo Properties provides a highly
experienced property team at local level with an established track record of
achieving good returns and an exciting opportunity for us to develop our value add
real estate strategy in a new market place."
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
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.
de Morgan & Company of London, acted on behalf of Saxo Properties in the
negotiations and Resolution Property was represented by Whitmarsh Holt Young along
with local advisers including Plesner and Sadolin & Albæk.
About Saxo Bank:
Saxo Bank is an online trading and investment specialist, enabling clients to trade Forex,
Options and other derivatives, as well as providing portfolio management via
SaxoWebTrader and SaxoTrader, the leading online trading platforms. Saxo Asset
Management accommodates high-net worth private clients and institutional investors.
In 2011 Saxo Bank continued the diversification of its business and launched Saxo
Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices
throughout Europe, Asia, Middle East and Australia.
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