Aberdeen Property Nordic Fund I SICAV (FIS) announces that it has acquired a logistics and distribution centre of approximately 70,000 sqm in the Torsvik industrial area, 10 km south of Jönköping in Sweden. The property has a lettable area of 40,400 sqm, consisting mainly of warehousespace.
The property, built in 1999 and extended in 2003, is fully let with an eleven years’ lease term. Its net initial yield is 6.1%.This is the fund’s third acquisition in the first quarter 2008, following the acquisitions of two office properties in Norway in January and February. As a result, the fund has now invested approximately €140m in the Nordic region.
The first Norwegian acquisition was St. Olavsgate 23, situated in Oslo city centre. Constructed in 1900, as a Methodist church, it is currently being modernised, whilst retaining its original features. It has a total lettable area of around 4,100 sqm over five floors; it has long-term lease contracts and no vacancies. The property has a net initial yield of 6.05%.
The second Oslo office building acquired for the fund has a lettable space of more than 11,000 sqm and is spread over seven floors. Built in the early 1930s, it was completely refurbished in 2001. It has a net initial yield of 5.9%.
Marc Pamin, Fund Manager, comments:
“Having recently signed a new investor and with another about to join the Nordic Fund I now has total equity of € 170m. The fund is therefore close to being fully placed on the equity side”.
Aberdeen Property Nordic Fund I SICAV (FIS) is a Luxembourg based open-ended real estate fund with a core/core+ investment strategy focussing on commercial properties in the Nordic region. The fund is designed for, but not limited to, German institutional investors and qualifies as special fund underLuxembourg law.
For more information please contact:
Marc Pamin
Aberdeen Property Investors Deutschland GmbH
Phone: +49 221 65031427
marc.pamin@aberdeenpropertyinvestors.com
Per-Joel Bergstrand
Aberdeen Property Investors Deutschland GmbH
Phone: + 49 221 65 031 429 30
perjoel.bergstrand@aberdeenpropertyinvestors.com
Charlotte Walsh / Tom Siveyer/ Georgina Pepys, Maitland
Tel: +44 207 379 5151
About Aberdeen
Aberdeen Property Investors is the specialist property division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange, managing some €140 billion of assets in equities, fixed income and property as at 31 December 2007.
Aberdeen Property Investors manages some €20 billion in property investments through property fundsand management mandates .The division has more than 600 employees in offices in eleven European countries and in Singapore. Our mission is to facilitate international investment exposure to property by offering a comprehensive range of investment products and services, all supported by a structured investment process and local active management.
Issued and approved by Aberdeen Asset Managers Limited, on behalf of Aberdeen Property Investors, authorised and regulated by the Financial Services Authority. www.aberdeenpropertyinvestors.com