Aberdeen Property Investors (Aberdeen) announces that the Aberdeen European Shopping Property Fund has acquired the shopping centre Löhcenter in Viersen, Germany from REDEVCO. The REDEVCO development was completed in March 2008 and is located at the city center of Viersen close to Mönchengladbach. The property has a rentable space of approx. 6,100 m². It is fully let with well-known brands such as Kaiser's, Netto and Deichmann.
Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG (formally DEGI Deutsche Gesellschaft für Immobilienfonds mbH). From sourcing a suitable product until closing, Aberdeen Immobilien KAG will accompany the transaction process in Germany for Aberdeen Pan-European funds and is currently seeking further interesting investment opportunities. REDEVCO was advised by IMOBA Immobilien Vertrieb GmbH, Mülheim a. d. Ruhr.
To date Aberdeen's European Shopping Property Fund has raised 110 million in equity from institutional investors and is still open to new investors. The fund currently has properties with a total asset value of 155 million under management in France, Belgium, the Netherlands and now Germany. The fund continues to investigate further deals in Germany.
Nico Tates, Fund Manager for Aberdeen European Shopping Property Fund,commented: "The property fits the core- plus to value-add investment strategy of the fund very well, and demonstrates the Fund's commitment to the German retail market. This was a rare opportunity to buy a shopping center at an attractive yield level, hereby combining both cash return and long term capital growth. We are still looking for additional retail investment opportunities".
Source: Aberdeen European Shopping Property Fund/REDEVCO Services Deutschland