Aberdeen European Shopping Property Fund acquires a portfolio of high street unit shops (DE)
Wednesday 17 November 2010
Aberdeen Asset Management (Aberdeen) announces that the Aberdeen European Shopping Property Fund has acquired a portfolio from DIC – Asset, of high street unit shops located in the Holm - the main pedestrian shopping street in Flensburg, Germany. Flensburg, with 90,000 inhabitants, is located in north Germany, close to the border with Denmark.
The portfolio of shops is located in the middle of the Holm, at the heart of the city, with more than 4,500 consumers passing by per hour. It has a rentable space of approximately 7,000 m² and is fully let to well-known retail chains such as H&M, Peek & Cloppenburg, Ecco, and Bijou Brigitte. Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG who monitor the transaction process in Germany from beginning to end for Aberdeen Pan-European funds, and who are currently seeking further interesting retail investment opportunities. DIC – Asset was advised by Jones Lang LaSalle.
To date, the Aberdeen European Shopping Property Fund has raised €115 million in equity from institutional investors and the Fund will re-open soon to new investors at an attractive Net Asset Value level. The Fund currently has retail properties, with a total market value of €198 million under management, in France, Belgium, the Netherlands and Germany. It will continue to investigate further investment opportunities in Germany.
Nico Tates, Fund Director for Aberdeen European Shopping Property Fund, commented: “We are delighted with this acquisition because of the high quality of the properties, their top location in the city and the production of a very attractive yield. It therefore combines both cash return and long term capital growth.”