Aberdeen today announces the launch of Aberdeen Property Fund Russia. This will be the fourth property fund launched by Aberdeen in 2007 that is currently open for investment and the first in an Eastern European country.
Aberdeen Property Fund Russia plans to invest €1.5 billion in Russian commercial real estate and is now opening for €500 million of institutional investor equity.
The aim of the fund is to identify investment opportunities in the large and fast developing Russian property market. The Fund will be diversified both in terms of sectors and geography, covering Moscow and St. Petersburg and 11 other cities with a total population of over 1 million.
The fund is tailor-made for international institutional investors. It is a 10-year closed-ended, Luxembourg SICAV-FIS fund and has a Value added to Opportunistic profile.
Ubbe Strihagen, International Director at Aberdeen Property Investors comments:
“We now have a strong local team in St. Petersburg to identify attractive transactions for investors and to actively manage properties in this market. Our aim is to generate greater performance through active management and the launch of this fund complements our existing range for institutional investors.”
Ole Dall-Hansen, CEO of Aberdeen Property Investors Eastern Europe A/S comments:
“Russia is a fast growing economy with strong GDP growth. At the same time, Russian property is underdeveloped with large potential for property investments. The demand for office space is steadily increasing and a rising personal income means that the retail sector has seen a period of strong growth, which we expect to continue.”
“With a target return of over 14% net IRR including a dividend target of between 5¬% and 8% we believe this fund offers investors an attractive opportunity for exposure into an interesting market with high return potentials.”
The initial offer period will commence on 1 October 2007. The fund is expected to have its first closing during Q4, 2007.
For further information, please contact:
Ole Dall-Hansen, CEO, Aberdeen Property Investors Eastern Europe
Tel: +45 33 88 90 10
E-mail: ole.dall-hansen@aberdeenpropertyinvestors.com
Ubbe Strihagen, International Director, Aberdeen Property Investors
Tel: +46 70 520 33 80
E-mail: ubbe.strihagen@aberdeenpropertyinvestors.com
Charlotte Walsh / Tom Siveyer, Maitland
Tel: +44 207 379 5151
About Aberdeen
Aberdeen Property Investors is the specialised property division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange and managing over €130 billion of assets.
Aberdeen Property Investors manages more than €13 billion in property investments through property funds and management mandates on behalf of institutional clients. We currently have some 500 employees at 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. By end of August 2007, we had more than ten national and regional funds as well as fund of property funds products open for new investors.
Issued and approved by Aberdeen Asset Managers Limited, on behalf of Aberdeen Property Investors, authorised and regulated by the Financial Services Authority.