Aberdeen Property Nordic Fund I SICAV - FIS, acquired a fully let office scheme in the Norwegian oil town of Stavanger for approximately €16 million.
The office scheme currently under construction, will provide a gross lettable area of about 6,500 sqm and about 150 parking spaces. Long before its completion scheduled for the first semester of 2010, the complete building has been let to a globally active supplier to the oil industry, for a ten-year term. It is a tenant with an impeccable credit rating.
The office scheme is located in the Forus Business Park in the city district of Stavanger, a central business location.
Stavanger is Norway’s third-largest economic region after Oslo and Bergen. Like few other regions, Stavanger benefits from the oil wealth of Norway.
Aberdeen Property Nordic Fund I for institutional investors, has a targeted volume of approximately € 420 million half of which represents investor equity.
“With this investment, we have managed to increase high level of diversification of our Nordic Fund I even further The fund now has a broad-based Nordic portfolio of 12 portfolio properties and more than 130 tenants. At the moment, it generates a cash-flow return on investment of over 5%. In the long-term investment horizon, the total return could actually be much higher,” said Alexander Tannenbaum, Managing Director of Aberdeen Property Investors Deutschland and in charge for the fund’s investor relations in Germany.
For some time now, the Nordic region has not only been synonymous with an above-average economic performance but has also represented stability and reliability, especially during the global economic crisis. “The economy and, the property markets in the Nordic region present a robust picture compared to the EU average,” Tannenbaum underlines.
Background information
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC. Aberdeen Property Investors manages property assets of more than €25 billion through property funds, funds-of-funds and management mandates in Europe, Asia and North America. The company ranks among the world’s biggest property investment managers and counts among the three largest in Europe. Clients are solely third party clients and primarily institutional investors. They are served by some 650 people at offices in 13 European countries, and in Singapore.
For more information: www.aberdeenpropertyinvestors.com
Aberdeen Asset Management PLC is an international investment management group that primarily handles assets for leading national and company pension funds, central banks and other financial institutions at 30 offices worldwide. Aberdeen employs a total of 1,900 people in around 24 different countries around the globe, and with its investment centres in London, Philadelphia and Singapore covers the most important markets in the world’s major time zones. The group’s most important lines of business are stocks, bonds and property. Aberdeen has been listed on the London Stock Exchange since 1991, and is a FTSE-250 company.
For more information: www.aberdeen-asset.com
Issued and approved by Aberdeen Property Investors UK Limited which is authorised and regulated in the UK by the Financial Services Authority.
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