The Aberdeen European Balanced Property Fund announces the acquisition of six high-street retail properties in six German cities: Delmenhorst, Dinslaken, Duisburg, Giessen, Minden and Oberhausen.
All properties are located in the best inner-city high-street location of each town. The tenants include Hennes & Mauritz, Ernsting Family and Nordsee. The portfolio offers a total lettable area of 4,434 m² and a WAULT (weighted average unexpired lease term) of 5.3 years.
For this transaction, the Fund was advised by Aberdeen Immobilien KAG, the local transaction team of Aberdeen who monitors the transaction process in Germany for various Aberdeen funds and clients.
The Aberdeen European Balanced Property Fund has a gross asset value of 462 million as December 31, 2011.
Gert-Jan Kapiteyn, Fund Manager of the Aberdeen European Balanced Property Fund, commented: "We are very pleased with this transaction because of the high quality of the properties, the tenants and the prime inner-city locations. It also matches the strategy of the Fund to further expand the allocation into German property.
"The acquired portfolio offers a long-term secured income stream at low risk coupled with an attractive yield. The prospects for long-term growth in income return and capital growth on this portfolio are very attractive. The Fund remains open to similar investment opportunities in the main cities of Germany, concerning retail, office and industrial/logistics property."
Source: Aberdeen Asset Management