Norwegian firm Storebrand Asset Management has agreed to acquire Danish real estate manager and advisor Capital Investment in a 500 million Danish kroner ($ 79 million) deal, according to a press release on Tuesday.

The deal, which is dependent on regulatory approvals, will boost Storebrand’s Nordic alternatives business.

Storebrand Asset Management manages 50 billion Norwegian kroner ($ 5.5 billion) of real estate assets. The deal will add nearly DKK 20 billion in assets, or around $ 3.1 billion, as well as new investment capabilities and Danish and international networks to help find deals.

Capital Investment has “well-established Danish and international client relationships, and we see mutual benefits for clients and Storebrand through this acquisition. Capital Investment and their clients will also benefit from Storebrand’s expertise within ESG, ”Jan Erik Saugestad, CEO of Storebrand Asset Management, said in the statement.

Jesper Damborg, CEO of Capital Investment, added in the statement: “We are delighted to partner with Storebrand Asset Management, a transaction that will combine two strong local market leaders into one pan-Nordic platform for a premier real estate asset. management services. With Storebrand Asset Management, we are able to continue the differentiated and practical work with our properties and our clients, while expanding our range of services to offer new and exciting concepts. “

Storebrand manages a total of NOK 1.04 trillion.