Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Shopping Property Fund, has acquired an inner city shopping center, 'Scheepjeshof', for €34 million from ImmoPlus Beheer BV.
The center is situated adjacent to the pedestrian high street Hoofdstraat in the city of Veenendaal, the Netherlands. It has a total area of 12,599 m² with more than 40 shops and 468 indoor parking places. The tenant structure is a mix of retail chains and local companies including Takko, Blokker and Aldi. Built in 1990, Aberdeen is planning to renovate the centre.
Aberdeen's European Shopping Property Fund will have its first closing at the end of June and is designed for institutional investors.
The fund currently manages properties with a total asset value of €160 million and has further deals in the pipeline in Belgium, France and Germany, offering investors immediate property exposure.
Nico Tates, Fund Manager for Aberdeen European Shopping Property Fund, commented, "We are very pleased to have purchased a shopping center in a region of the Netherlands that is currently experiencing growth and subsequently offers attractive return prospects. Our specialist retail experience together with our active management style will enable us to increase value for investors."