Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has acquired two prime high street retail units in Paris, France.
Aberdeen European Balanced Property Fund, has acquired two retail properties on Avenue Montaigne in Paris. These properties are located in a prestigious area close to the Champs-Elysées and is very famous for high level retail brands. The seller was a private owner. Aberdeen was advised by L'Etoile Properties, the notary Etude Allez et Associes, the brokers Jones Lang Lasalle and BG.
Aberdeen's European Balanced Property Fund, has raised 242 million in equity from institutional investors to date. The fund currently has properties of a total asset value of 264 million under management in Finland, France, Belgium and the Netherlands. It has further deals in the pipeline in the Netherlands.
Nico Tates, Fund Manager for Aberdeen European Balanced Property Fund, commented: "The assets fit into the core investment strategy of the fund, strengthening the Fund's presence in the French retail market. It was a rare opportunity to buy prime high street retail units at an attractive yield level and with upward potential, combining both cash returns and long term capital growth."