Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has acquired from AGF Iart a landmark Haussmannian style, mixed-use building (office and retail), on the corner of Boulevard Sébastopol Rue Réaumur in central Paris.
The total area of the building is 5,444 m² and it has 96 indoor parking places. The principal tenant is Groupe Caisse d' Epargne. The building was totally refurbished in 2002.
Nico Tates, Fund Manager for Aberdeen European Balanced Property Fund, commented: "We are very pleased to have purchased a landmark building with an attractive return prospective in a competitive property market like Paris. This acquisition fits in well with the fund's strategy of building a risk averse portfolio of European properties."
Draco Partners acted as Aberdeen's agent in the acquisition.
Aberdeen's European Balanced Property Fund, launched last year, has raised €191 million in equity from institutional investors to date.
The fund currently has properties of a total asset value of €70 million under management and has further deals in the pipeline in Belgium and the Netherlands. It made its first acquisition in October, when the fund acquired a 4,943-m² office building in the greater Helsinki area, Finland.