Aberdeen Property Investors (Aberdeen) announces that the Aberdeen European Shopping Property Fund has acquired the shopping centre Löhcenter in Viersen, Germany from REDEVCO.
The REDEVCO development was completed in March 2008 and is located at the city centre of Viersen close to Mönchengladbach. The property has a rentable space of approx. 6,100 m². It is fully let with well-known brands such as Kaiser’s, Netto and Deichmann.
Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG (formally DEGI Deutsche Gesellschaft für Immobilienfonds mbH). From sourcing a suitable product until closing, Aberdeen Immobilien KAG will accompany the transaction process in Germany for Aberdeen Pan-European funds and is currently seeking further interesting investment opportunities. REDEVCO was advised by IMOBA Immobilien Vertrieb GmbH, Mülheim a. d. Ruhr.
To date Aberdeen’s European Shopping Property Fund has raised €110 million in equity from institutional investors and is still open to new investors. The fund currently has properties with a total asset value of €155 million under management in France, Belgium, the Netherlands and now Germany. The fund continues to investigate further deals in Germany.
Nico Tates, Fund Manager for Aberdeen European Shopping Property Fund, commented:
“The property fits the core- plus to value-add investment strategy of the fund very well, and demonstrates the Fund’s commitment to the German retail market. This was a rare opportunity to buy a shopping center at an attractive yield level, hereby combining both cash return and long term capital growth. We are still looking for additional retail investment opportunities”.
For further information, please contact
| for Aberdeen: |
for REDEVCO: |
| Nico Tates, Fund Manager |
Claudia Schmidt |
| Aberdeen European Shopping Property Fund |
REDEVCO Services Deutschland GmbH |
| Telephone: + 31 20 687 05 00 |
Telephone: + 49 211 179379-0 |
| E-mail: nico.tates@aberdeenpropertyinvestors.com |
E-mail: claudia.schmidt@redevco.com |
| |
|
| Iwan Assys, Deputy Fund Manager |
Nicole Schaefer |
| Aberdeen European Shopping Property Fund |
Schaefer Marketing & Communication GmbH |
| Telephone: + 32 476 67 33 41 |
Telephone: + 49 69 95929068-0 |
| E-mail: Iwan.assys@aberdeenpropertyinvestors.com |
E-mail: nschaefer@schaefer-mar.com |
Tom Eckersley,
Maitland, +44 (0)207 379 5151
About Aberdeen Property Investors
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange, which manages around €160 billion of assets in equities, fixed income and property.
Aberdeen Property Investors manages some €25 billion* of property assets in Europe, Asia and North America through property funds and separate account mandates, making it one of the top global property investment managers Clients are solely third party clients and primarily institutional investors, such as life insurers and pension funds. They are served by some 600 people at offices in 13 European countries and in Singapore.
www.aberdeenpropertyinvestors.com
* 31 December 2009
About REDEVCO
REDEVCO, a Cofra Holding company, manages and develops one of the largest retail real estate portfolios in Europe, with properties in top locations throughout its major cities. REDEVCO is active in 20 countries, mainly in Europe but also in Asia, where it has opened offices in Hong Kong and New Delhi. It has been actively expanding its activities in the field of shopping centre development and recently signed its first joint venture agreement in China to develop a shopping centre in Wuhan. The REDEVCO portfolio, which also includes office buildings and logistics centres, currently comprises over 750 properties with a total value of approx. € 7.2 billion.
www.redevco.com
Issued by Aberdeen Property Investors UK which is authorised and regulated by the Financial Services Authority in the UK.