One of Denmark’s largest privately owned real estate companies, DADES, gets two new major shareholders. Novo A/S and TryghedsGruppen purchase a combined total of 49.2% of the company’s share capital. The sellers are Realdania, Lønmodtagernes Dyrtidsfond, Nykredit, Forsikringsselskabet Alm. Brand Liv & Pension, Pensionskassen for Teknikum og Diplomingeniører, Danske Bank, Juristernes-og Økonomernes Pensionskasse and Bevica Fonden.

After the completion of the transaction, Aase og Ejnar Danielsens Fond will still be the largest shareholder with 47.3%. Novo A/S will own 37.0% and TryghedsGruppen 12.2%, while BRFkredit and managing director Boris Nørgaard Kjeldsen will own the remaining minority shares.

The change in ownership is combined with an undertaking to contribute additional capital to the company totalling approximately DKK 1.7 billion for the purpose of real estate investments.

DADES ("Det Alm. Danske Ejendomsselskab A/S”) was founded in 1937 and has become one of Denmark’s largest real estate companies with a special focus on commercial properties primarily in the Copenhagen area and shopping centres throughout the country. In 2014, the company had a property portfolio at a value of DKK 16.9 billion.

The transaction is one of the largest real estate transactions in Denmark.

The change in ownership is part of strategic considerations about a long-term solution for DADES involving the strengthening of its core segments, commercial properties and shopping centres, and an increase in its residential property activity.

Aase og Ejnar Danielsens Fond was set up in 1975 by managing director Ejnar Danielsen, founder of DADES.

Bruun & Hjejle has advised Aase og Ejnar Danielsens Fond.