Deas performance weakened by acquisition of Nordea Ejendomme – CEO projects progress in 2019

The acquisition of Nordea Ejendomme and in-house development leave Denmark's largest property manager  with its most modest profit to date. However, the CEO expects to recover the poor performance already this year. He talks about the reasons for the slowdown in 2018 to AMWatch's sister site EjendomsWatch. Asset management must be consolidated before it can grow, he says.

Henrik Dahl Jeppesen, CEO of Deas. | Photo: PR.

In 2018, DEAS took over Nordea Ejendomme and that, combined with in-house development, have taken a toll on the performance at Denmark's largest property manager, according to Deas' financial statements, which were released today.

The annual result lands on nearly DKK 2.9m (EUR 390,000), which is the poorest result in the history of the company, whereas sales increased by 4.8 percent to DKK 551m. Leaving out Nordea Ejendomme's sales, that are formally included in the accounts as from November 2018, the growth rate was nearly 3 percent.

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