Aberdeen Asset Management (Aberdeen) announces that the Aberdeen European Shopping Property Fund has acquired the SPV holding the 'Welau Arcaden' shopping center, from Ferox Immobiliengruppe, Wuppertal.
The shopping center is located at the main shopping street in the heart of the affluent city of Wedel, being situated close to Hamburg.
The recently constructed shopping center provides for a rentable retail space of approximately 7,750 m². It is fully let with long leases to well-known retail chains such as Aldi, C&A, Edeka and Deichman.
Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG who monitors the transaction process in Germany for Aberdeen funds, and who are currently seeking further interesting retail and office investment opportunities.
To date, the Aberdeen European Shopping Property Fund has raised 115 million in equity from institutional investors and the Fund is open to new investors at an attractive Net Asset Value level. The Fund currently has retail properties, with a total market value of 225 million under management, in France, Belgium, the Netherlands and Germany. It will continue to investigate further investment opportunities in Germany.
Nico Tates, Fund Director for Aberdeen European Shopping Property Fund, commented: "We are delighted with this acquisition because of the high quality of the property and tenants, the location in the city and the long secured income stream at an attractive yield. It therefore combines both cash return and long term capital growth."
Source: Aberdeen Asset Management