Aberdeen Property Investors Property Funds SICAV Pan-Nordic announces that it has acquired a €108 million portfolio of five office properties located in Tampere and Jyväskylä in Finland.
The Pan-Nordic fund has been an active player in the Nordic markets since its launch last autumn. This latest transaction in Finland comes after the recent acquisition of four office properties and developments in Oslo and Trondheim in Norway for a total value of some €216 million.
Aberdeen Property Fund Pan-Nordic's aim is to develop a highly diversified property portfolio in the Nordic countries, and to a lesser extent, in the Baltic States. The fund's portfolio now consists of 14 properties across the Nordic countries with a total value of €460 million. The fund has a target investment size of €1.5 billion.
Trygve Sletteberg, Fund Manager of the Aberdeen Property Funds SICAV Pan-Nordic, comments, "We're pleased to be able to maintain a rapid pace in our investments and offer our investors fast exposure to the property sector. We believe this is the key for the success of any property fund. This is the Pan-Nordic fund's first investment in Finland and the portfolio fits well in the fund's added value risk profile. We see strong potential for further increases in value in these properties over time.
"We expect the Nordic region to provide stronger returns than property in other western European countries due to both the strong macro-economic environment and strong property fundamentals. Aberdeen's strong presence in this region enables us to find interesting properties and projects in this highly competitive environment."
Aberdeen Property Funds Pan-Nordic has raised a total of approximately €430 million in equity from domestic and international investors since its first closing in October 2006. The next closing is expected on 27 September 2007.
Source: Aberdeen
