LYSAKER, NORWAY: Storebrand ASA has entered into an agreement to acquire Capital Investment, a Danish real estate asset manager and investment advisory headquartered in Copenhagen, a news release said.
The acquisition of Capital Investment is in line with the strategy presented at Storebrand’s Capital Markets Day in 2018 and reiterated in 2020; to look for bolt-on acquisitions that complement the current business to accelerate growth.
Capital Investment will become part of Storebrand Asset Management’s multi-boutique offering and continue as a separate company within real estate activities.
“The asset management part of our business has grown significantly over the past years, and we have built a strong position outside our home markets Norway and Sweden. Storebrand is one of the largest and fastest growing asset managers in the Nordics with more than NOK 1 trillion of assets under management.
The acquisition accelerates Storebrand’s growth strategy within Nordic alternative assets and will strengthen Storebrand Asset Management’s position as the gateway to the Nordics, says Odd Arild Grefstad, CEO Storebrand Group.
“Our growth is a sign of confidence from our clients, and we are well positioned on ESG and alternatives, the strongest trends in asset management. Capital Investment will strengthen our investment offering in alternative investments – particularly within real estate.
They have 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”, says EVP, CEO Storebrand Asset Management Jan Erik Saugestad.
Storebrand is a large and important player in the Nordic real estate industry with assets worth NOK 50 billion under management. Capital Investment, which manages close to DKK 20 billion (NOK 28 billion) of assets, will add investment capabilities and a complementary network for deal sourcing to accelerate the expansion in Denmark and internationally.
“We are very happy to welcome Capital Investment as part of Storebrand Asset Management. Our combined resources and knowledge represent a great opportunity to further strengthen our Nordic offering. We experience that many institutional investors seek diversification, and non-Nordic investors have a desire to invest across the region”, Saugestad continues.
Capital Investment’s CEO Jesper Damborg, looks forward to building a stronger team.
The purchase price of the acquisition is DKK 500 million. Fifty per cent of the purchase price will be financed by the issuance of new shares in Storebrand ASA. Furthermore, an additional consideration is contingent on future business development of Capital Investment. The transaction is contingent on regulatory approvals.
Storebrand ASA share price
7.61 EUR
30 Aug, 8:10 am GMT+2 ·Disclaimer