Based on the tremendous success of its first Norwegian property fund, Aberdeen Property Investors is launching a second property fund in Norway, API Eiendomsfond Norge II ASA. The fund, which will have its first closing on November 11 2005 will consist of an actively managed portfolio that is well diversified across different types of property, regions and tenant categories.
Aberdeen launched the first Norwegian property fund in 2004, which has been a great success. The fund raised a total of € 620 million in property capital from July 2004 until September 1 2005 through its geared /ungeared vehicles. The fund has achieved a total return of 29.6%% (geared) and 15.4% (ungeared) since inception and is now closed for further investments by investors.
“There has been so much demand for our first property fund, with more than € 600 million raised, that we have decided to launch a new fund,” said Espen Klevmark, Managing Director, Aberdeen Property Investors Norway.
The new fund will be managed as a discretionary fund and will be built up using Aberdeen’s local expertise in the Norwegian property market. The target return for the fund is above 12 % per year after taxes and charges. Expected annual payout is 5-9 %.
“Property in Norway is expected to show a continuously high total return, in comparison with Europe. A well diversified property fund could therefore be an attractive alternative to investors in the future, along with stocks and bonds”, said Ubbe Strihagen, director Aberdeen Property Investors.
In addition to the Norwegian funds, Aberdeen manages several other property funds in Finland, Denmark, Sweden and Europe.
For more information please contact:
Ubbe Strihagen, Director – International, Tel. +46 8 412 80 39
Espen Klevmark, Managing Director - Norway, Tel. +47 900 23 111