Press releases - 2007

Aberdeen builds on an established presence in Germany and reinforces its position as a leading property fund manager in the European market, while DEGI finds the right international partner for its continued growth.

Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund (SICAV), has made a second retail investment in Belgium. The Fund has acquired the shares of Zilverpand NV in Brugge, Belgium owning the Zilverpand shopping centre, from Vastgoed-beleggingsmaatschappij APF IV NV and Zilverpand BV. Cushman & Wakefield acted on behalf of the vendor.

Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has appointed two independent experts, Mr. Ronald Smeets and Mr. René Buck to join its Advisory Committee as well as Mr. Philip Menco and Dr. Peter Fehr as representatives from the investor base.

Aberdeen Property Investors announces the first closing of its second closed ended European fund of funds, Aberdeen Indirect Property Partners II (AIPP II). The launch follows the success of Aberdeen’s first fund of property funds (AIPP), which was established in 2005 as the first of its kind in Europe with equity commitments of €623.5 million. Both funds are managed by Aberdeen Property Investors Indirect Investment Management (API IIM).

Folksam, a major Swedish insurer, has in cooperation with the Aberdeen Property Investors team for indirect investments (API IIM) developed a unique pooling structure - AIPP Folksam Global – a property fund of funds open solely to companies within the Folksam Group. This new type of instrument for indirect property investments is particularly suitable for large multinational companies with separate pension plans.

Aberdeen Property Investors announces the Aberdeen European Shopping Property Fund has made its first closings. In total, €69.5 million has been committed by institutional investors from Switzerland and Sweden.

Following the re-establishment of a UK property operation in June 2007, through the recruitment of a seven strong team, Aberdeen Property Investors has been appointed by GM Investment Trustees Ltd as manager for a part of its UK property pension investment assets.

Aberdeen Property Investors (“Aberdeen”) has confirmed its position as the leading property investment manager in the Nordic & Baltic regions in Euromoney’s new Liquid Real Estate Awards. The company topped the category “Leading investment manager for the Nordic & Baltic region” for the third consecutive year. Aberdeen also came first in the investment management category for the following individual countries: Denmark, Finland and Norway.

Aberdeen today announces the launch of Aberdeen Property Fund Russia. This will be the fourth property fund launched by Aberdeen in 2007 that is currently open for investment and the first in an Eastern European country.

Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Shopping Property Fund, has recruited two independent experts, Baptist Brayé and David Peek, to its Advisory Committee.

Aberdeen Property Funds Pan-Nordic has agreed to acquire a property portfolio in Gothenburg for €140 million. The portfolio of 100,000 m2 in Gothenburg and Mölndal consists largely of offices, but also includes some residential units and retail space.

Aberdeen Property Investors (Aberdeen) believes that the recent credit crunch will hasten the end of the current period of indiscriminate yield compression in Europe. Investment managers will no longer be able to rely on rising property prices across the market to generate the bulk of their returns. Instead the market environment will favour active managers that employ a disciplined process and are far more selective when investing in property from both a regional and sector basis. Furthermore the ability of managers to drive up the rental value of their holdings will be key in generating future returns.

Oslo/Norway, 10 September 2007: Aberdeen Property Investors launches bid to acquire Norgani Hotels ASA and create an European hotel fund.

Aberdeen Property Investors today announces the launch of a second Asian fund of funds (AIPP Asia Select).

Aberdeen Property Nordic Fund I announces that it has acquired a 9,000 m2 renovated office building in central Turku, Finland.

Aberdeen Property Investors announces the appointment of Jon Lekander as Chief Investment Officer. Jon, previously Head of Investment Strategy, will now focus on the implementation of defined investment strategies for Aberdeen’s property funds.

Aberdeen Property Investors announces that the Aberdeen Property Funds SICAV Pan-Nordic has acquired a €108 million office property in central Stockholm from Swedish Match. The 40,000 square meter building will continue to be Swedish Match’s head office.

Aberdeen Property Investors (Aberdeen) announces it has made its fifteenth and final investment for Aberdeen Indirect Property Partners (AIPP), Europe’s largest pan-European pooled property fund of funds. The fund, which was the first of its kind in Europe backed by a group of pan-European institutional investors was launched in February 2005 and has equity commitments of €623.5 million.

Aberdeen Property Investors, the property division of Aberdeen Asset Management PLC, announces that it is recruiting a team to manage commercial real estate investment in Eastern Europe, with an initial focus on Russia. Members of the team will be based in St Petersburg where Aberdeen is opening a local office.

Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Shopping Property Fund, has acquired an inner city shopping centre, “Scheepjeshof” for €34 million from ImmoPlus Beheer BV.

Aberdeen Property Investors announces the fourth closing of the Aberdeen Property Fund SICAV Pan-Nordic, which has raised a further €125 million from British and French institutions as well as Norwegian investors.

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.

Aberdeen Property Investors announces that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has acquired a portfolio of 5 single unit shops in Belgium from Bermaso NV.

In line with its strategy to become a leading fund and asset manager in the French market, Aberdeen Property Investors announces the establishment of a new fund, Aberdeen Property Fund France and Southern Europe. The fund’s first investment is the acquisition of CB 16, a landmark office building in la Défense in Paris, from GE Real Estate France for an amount in excess of €200 million.

AIPP Asia, Aberdeen’s first Asian fund of property funds, launched in October last year, has raised USD 435 million from a range of European pension funds after five months of fund raising.

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.

Aberdeen Asset Management today announced the acquisition of certain Australian fund management businesses from Deutsche Bank.

Following the successful launch of its European and Asian fund of funds, Aberdeen Property Investors, the specialist property division of Aberdeen Asset Management plc, announces the launch of a new and innovative product, AIPP Active.

Aberdeen says 2006 was a golden year for European property with Western Europe recording the strongest economic expansion in six years, with real GDP increasing by 2.8%. Forecasts for 2007 indicate that the region will generate weaker growth at 2.2% mainly as a result of weaker global demand and the higher interest rate environment.

Aberdeen Property Investors is pleased to announce the recruitment of a seven-strong property investment management team from Credit Suisse Asset Management, led by Glenn Newson. Glenn will join Aberdeen as head of Property Asset Management in the UK.

Aberdeen expects the Nordic property markets to outperform the rest of Europe in 2007 despite predicting a deceleration in total returns in the region as capital values weaken.

Scandinavian Property Development ASA (SPD), a new property company established by SEB Enskilda and Aberdeen Property Investors, has raised €370 million in new equity through a private placing with more than 230 international investors. The equity offering was highly successful and 4 times oversubscribed with subscriptions for € 1.5 billion.

Aberdeen Property Investors Indirect Investment Management (API IIM), part of Aberdeen Asset Management PLC’s property division, has won a second separate account mandate from the Third Swedish National Pension Fund (AP3) for approximately EUR 250 million.

Aberdeen Property Investors Indirect Investment Management (API IIM), part of Aberdeen Asset Management PLC’s property division, has won a second separate account mandate from the Third Swedish National Pension Fund (AP3) for approximately EUR 250 million.

Aberdeen Property Investors (Aberdeen) announces the launch of a new property fund, the Aberdeen Real Estate Fund Finland (AREFF). The closed fund has been customised for three institutional investors who have all invested equal amounts of capital to the fund. The investors are Ilmarinen Mutual Pension Insurance Company Finland, pension fund ABP from the Netherlands and Danish ATP Real Estate.

Aberdeen Property Investors together with the investment bank SEB Enskilda announces the establishment of a major property development company in the Scandinavian market, Scandinavian Property Development ASA. The company will be open for investment from both domestic and international institutional investors.