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Danske Bank sells head office in downtown Copenhagen

Xinhua, March 18, 2016 Adjust font size:

Denmark's Danske Bank has sold its head office buildings in the center of Copenhagen to Scottish insurance company Standard Life for 1.4 billion Danish kroner (or 0.2 billion U.S. dollars), it announced Friday.

The deal comprises a total of 14 connected buildings that cover about 37,000 square meters of office space and a parking garage, said Danske Bank, which is Denmark's biggest financial institution.

The sale of the Holmens Kanal complex, which has been the center of Danske Bank since 1875, is part of the bank's ongoing divestment of properties as it will focus on its core activities.

"We must align our business with customer demand and ensure a high degree of flexibility in the use of buildings. For this reason, it is no longer expedient for us to have a large property portfolio," said Henrik Ramlau-Hansen, chief financial officer of Danske Bank.

However, Danske Bank will continue to use the buildings as its head office as lessee.

Headquartered in Edinburgh, Standard Life is one of the top 500 companies worldwide by revenue. It is listed on the London Stock Exchange with around 1.2 million individual shareholders across over 50 countries. (1 U.S. dollar = 6.614 Danish kroner) Endit