Denmark’s Kristensen takes over further €260m German mandate

With Denmark’s domestic property market showing strong signs of recovery, one of the country’s leading asset managers for Danish pension funds is confident enough to expand its footprint in Germany with a major acquisition from a fellow Danish investor.

Aalborg-based Kristensen Properties operates mainly on the German market, where it manages a €1.3bn real estate portfolio. As part of a larger acquisition worth €310m including Danish assets, It is now taking over the management of 107 further German properties worth about €260m from Hansen & Nottrup A/S, making it the biggest Danish operator on the German market. The assets are held in over 60 German limited partnerships.

Among the 107 buildings are 38 supermarkets, six retail parks, four home improvement stores, three nursing homes, and diversified other assets including residential. The total annual rental income is €21.3m, says Kristensen.

Kristensen’s CEO Michael Cremer said in a press interview recently that his group had a further nearly €300m of buying power for investment in Germany, with specifically commercial assets in downtown and business districts of Germany’s A- and B-cities. Since setting up its own office in Berlin in 2005, Kristensen has since opened property management offices in Regensburg and Bremen, and taken over further management capacity in Berlin and Braunschweig.