|By Business Wire||
|May 15, 2014 09:11 AM EDT||
Situs, a global provider of commercial real estate (CRE) advisory services and integrated process and technology solutions, announced today that it has been approved as depositary by the Danish Financial Authorities. Situs is the only depositary approved by the Danish Financial Authorities that focuses solely on real estate funds.
A new EU legislation requires that all Alternative Investment Fund Managers (AIFMs) appoint a depositary for each of their open funds by 22 July 2014. This uniform regulation within the EU ensures that the main duties such as cash monitoring, registration and safe-keeping of assets and oversight of certain operational functions are being carried out correctly, aiming to provide investor protection. There are approximately 150 open alternative investment funds in Denmark subject to this regulation.
“With our local market expertise, which also specializes in advising and managing real estate loans, including setting up and managing processes in the financial industry, Situs is uniquely positioned in the Nordic marketplace as a newly approved depositary for the open real estate funds,” said Peter Lilja, Director for Situs in the Nordic area. “This is a natural evolution for our business and we have established a subsidiary with its own management and team in place solely focused on this new venture.”
Becoming a depositary is a continuation of the tasks Situs is already doing for a number of Danish and Nordic investors, state-owned companies and financial institutions. Headquartered in Texas with several locations spanning the United States, London, Frankfurt, Dublin, Madrid and Copenhagen, Situs will start as depositary in the Nordic markets. In the long term, the depositary function will be rolled out in all relevant markets in Europe.
Notes to Editors
Since 1985, Situs, is the premier provider of end-to-end commercial real estate and loan advisory services and integrated solutions, offering customized services to leading financial institutions, investors, owners, and developers. We offer four main services: enterprise and process improvement; capital markets and commercial real estate advisory; primary and special servicing; and creative staffing solutions. Our business provides customized solutions that mitigate deal execution risk for clients while maximizing operating margins. Situs is headquartered in Houston and has offices throughout the United States and Europe.