Aberdeen Property Investors' recently launched Property Fund Sweden has acquired its first three properties; an office building in Gothenburg and two retail properties in Uppsala, north of Stockholm, for approximately €12 million. The fund intends to make further acquisitions in the near future.
Joakim Nordblad, Fund Manager for Aberdeen Property Fund Sweden commented: "The properties acquired by the fund have good potential for value growth. They fit well into the fund's strategy and its return requirements."
After the first closing in February this year, the fund presently has an investment capacity of 50 million. The strategy is to invest in and actively manage a well-diversified portfolio and outperform the Swedish SFI/IPD index. Aberdeen Property Fund Sweden is a semi-open fund with a target size over time of €200-500 million, through regular new issues. This fund is targeted at institutional investors that want Swedish real estate exposure with effective diversification and active management.
Ubbe Strihagen, International Director of Aberdeen Property Investors said: "Our objective is to create value growth through active management of the properties that the Fund acquires. Aberdeen's ten year track record in Scandinavia is more than 150 basis points above the index returns on property level, showing that a structured investment management process, underpinned by best-in-class research and strong local presence can provide consistent outperformance."
Aberdeen Property Fund Sweden is the latest addition to Aberdeen's domestic funds in the Nordic markets, with Aberdeen funds already existing in Norway, Denmark and Finland.
Source: Aberdeen Property Investors