STOREBRAND ASA: Storebrand acquires Danish Real Estate Manager Capital Investment

Storebrand has entered into an agreement to acquire Capital Investment, a Danish real estate asset manager and investment advisory headquartered in Copenhagen.

"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.

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.

Gateway to the Nordics
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:

"We are thrilled to join forces with Storebrand Asset Management, a transaction which will combine two strong local market leaders into one pan-Nordic platform for best-in-class real estate asset management services. With Storebrand Asset Management, we are able to continue the differentiated and hands-on work with our properties and customers, while expanding our service palette to bring new and exciting concepts to the table."

The transaction will have limited effect on regulatory key figures and the acquisition will not affect the dividend capacity of Storebrand for the accounting year 2021. The transaction is expected to impact the Group's solvency ratio with negative 1.5 percentage points. Profits from the company will back the cash generation for the Storebrand Group going forward. Capital Investment's pretax 2021 results are estimated to be approximately DKK 60 million. 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.

Lysaker, 31 August 2021

For further inquiries, please contact

Group Head of Strategy, Finance and M&A, Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155

Head of Investor Relations and Rating, Daniel Sundahl:
daniel.sundahl@storebrand.no or (+47) 913 61 899

Media requests

Norway: SVP Group Communications, Margrethe Assev:
margrethe.assev@storebrand.no or (+47) 951 55 056

Other markets: Director of Communications Storebrand Asset Management, Sara Skärvad:
sara.skarvad@storebrand.com or (+46) 70 621 77 92

Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside of Oslo, Norway. Storebrand manages NOK 1 037 billion and is one of the largest asset managers in the Nordics. Storebrand (STB) is listed on Oslo Stock Exchange. Visit us at http://www.storebrand.no

About Capital Investment

Capital Investment is a Danish real estate investment advisory and asset manager with close to DKK 20 billion in assets under management headquartered in Copenhagen. The company has been owned and run by partners Jesper Damborg and Claus Klostermann, who individually have more than 25 years of real estate experience.

Capital Investment delivers a comprehensive suite of real estate investment management services, handling the entire investment process from the beginning to the end on behalf of national and international clients. From supervision and research to due diligence, development and management, Capital Investment handles the investment until the client is ready to exit. The goal is to provide a platform that enables international clients to invest immediately, retaining the highest possible expertise, but without having to establish a Danish office. Capital Investment aims to become the preferred Danish partner for both national and international investors looking to invest in high-end properties across real estate segments.