Aberdeen Property Investors’ recently launched Aberdeen European Balanced Property Fund raised EUR 96 million from institutional investors at its first closing of Class A shares at the end of October. A second closing is expected to take place in January 2007.
The Fund is building a risk averse Pan European balanced portfolio, comprising offices, retail and industrial/logistics properties in markets that are expected to produce returns above the European average. Currently, the fund is focusing on Finland, the Netherlands, Belgium, France and Spain. The fund recently made its first investment in Finland where it acquired a new office building in the Helsinki region for EUR 14.5 million with an attractive direct return.
Philip Menco, CEO of De Eendragt Pensioen N.V. one of the Fund’s lead investors, commented:
“After a long selection process we have chosen the Aberdeen European Balanced Property Fund because of its wide diversification over countries and property sectors, as well as its thorough and systematic allocation process. Both the track records of Aberdeen as well as the Fund Manager himself have been equally important in our decision”.
Nico Tates, Fund Manager of the Aberdeen European Balanced Property Fund commented:
“The successful launch of the Fund has been achieved by communicating our focus on future returns rather than historic returns. Since the Fund has an open structure we expect to see increased international investor demand at the final closing of Class A shares in January 2007”.
The closing of the European Balanced Property Fund is the third successful property fund closing by Aberdeen Property Investors in October 2006. AIPP Asia, a fund of property funds focusing on Asia, raised USD 91 million at its initial closing on the 20 October. On the 31 October the Aberdeen Property Fund SICAV Pan-Nordic, a diversified property fund focusing on the Nordic and Baltic Areas, raised EUR 125 million at its initial closing.
For more information, please contact:
Nico Tates, Fund Manager, Aberdeen European Balanced Property Fund Tel: +31 20 687 0500 E-mail: nico.tates@aberdeenpropertyinvestors.com
Ubbe Strihagen, International Director, Aberdeen Property Investors Holding Tel: +46 70 520 33 80 E-mail: ubbe.strihagen@aberdeenpropertyinvestors.com
Charlotte Barker / Tom Siveyer, Maitland Tel: +44 207 379 5151
About the Aberdeen European Balanced Property Fund
Aberdeen European Balanced Property Fund is a semi-open ended fund for investors seeking balanced exposure to the property sector in selected European markets. It is managed by Aberdeen Property Investors Europe b.v. in Amsterdam and benefits from Aberdeen’s strong collective European expertise.
About Aberdeen Property Investors
Aberdeen Property Investors is the specialist division of Aberdeen Asset Management plc, a global investment management group listed on the London Stock Exchange and managing over EUR 100 billion of assets.
Aberdeen Property Investors manages over EUR 9 billion in property investments through property funds and management mandates. The division has some 500 employees at offices in ten European countries. Clients are primarily institutional investors such as life and pension funds.
Aberdeen was named the leading Property Investment Manager; Globally, in Western Europe and in the Nordic & Baltic regions in the Euromoney Awards 2006 for Excellence in Real Estate.
Issued and approved by Aberdeen Asset Managers Limited, on behalf of Aberdeen Property Investors, authorised and regulated by the Financial Services Authority.