Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has acquired a Trade Market/ Business 2 Business property in Venlo, The Netherlands from TCN Property Projects B.V.
The tenant is Trends & Trade Venlo BV, a wholesale market restricted to B2B-clients and a subsidiary company of TCN Property Projects. The total rental area is 20,027 m².
Aberdeen's European Balanced Property Fund, a semi open ended fund launched last year, has raised €191 million in equity from institutional investors to date.
The fund currently holds properties with a total asset value of €107 million under European management and has further deals in the pipeline. It made its first acquisition in October last year of a 4,943-m² office building in the greater Helsinki area, Finland. In March this year the Fund acquired a 5,444-m² office/retail investment in Boulevard Sébastopol, Paris and in April acquired a 1,500-m² retail portfolio in Belgium.
Nico Tates, Fund Manager for Aberdeen European Balanced Property Fund, commented, "The Dutch market offers attractive opportunities in terms of capital values and rental growth. We are therefore pleased with this first acquisition in the Netherlands as it provides the Fund with attractive yields in combination with a strong tenant and a long lease.