Aberdeen Property Investors announces the Aberdeen European Shopping Property Fund has made its first closings. In total, 69.5 million has been committed by institutional investors from Switzerland and Sweden.
The next closing is expected in December 2007 and the total target equity is 525 million to build up a portfolio of 1.5 billion.
The Fund, which is closed ended and designed for institutional investors, comprises properties with a total asset value of 160 million under management. It is specialised in acquiring and managing retail properties in the mature markets in North Western Europe. The core countries include the Netherlands, Belgium, France and Germany.
Nico Tates, Fund Manager, Aberdeen European Shopping Property Fund, commented: "We are delighted to have completed the first closings and to have seen such high demand from international investors. The changing dynamics of the European property market underlines the importance of the fund being actively managed."
Source: Aberdeen Property Investors