Park Street A/S has agreed to outsource the asset management of a portfolio of non-core assets to Fokus Asset Management, covering 23 properties in Denmark with an estimated value of DKK 500 million. The business plan calls for the assets to be disposed of in an orderly manner and where necessary, enhance and lease up the assets. The portfolio includes most of Park Street’s assets outside of the Greater Copenhagen area.
Pradeep Pattem, CEO of Park Street, comments: “We were impressed with the capabilities and flexibility of Fokus Asset Management. This agreement allows us to concentrate our energies and cash flow on our core business where we see exciting prospects in our Pulse and Spark platforms. It also further increases our focus on the Greater Copenhagen area.”
Michael Rønnelund, COO Denmark of Fokus Asset Management says: “At Fokus Asset Management, we are delighted in getting another institutional quality investor as a customer and a portfolio where we can use our full-service skills in asset management, including construction management, leasing, asset management, and investment management. Investors find our offering increasingly interesting when the market is in a downturn where strong asset management skills are needed.”