DENMARK - Nordea Bank has taken another step to reduce its real estate exposure by selling most of its remaining properties in Denmark to a consortium of investors.
PensionDanmark, Lægernes Pensionskasse and Nordea Pension have acquired the portfolio for e233m. Nordea Pension is expected to buy further properties for e40m.
The disposal is part of Nordea Group's continuous efforts to increase the focus on its core business and to improve its capital efficiency. The firm was advised by Catella Corporate Finance, Citigroup and Nordea Securities.
The sale takes place less than a week after Nordea sold its stake in property developer Nordisk Renting to the Royal Bank of Scotland for e104m.
The deal will be finalised in June and is subject to approval by the Finnish competition authority.
Nordisk Renting's clients are primarily large Swedish private companies. Clients also include the Swedish and Finnish governments, Swedish local authorities and other public partners.
Nordea posted a e255m net profit for the first quarter 2003 - a 15% drop quarter on quarter.
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