Based on the very strong demand at the initial closing, Aberdeen Property Investors conducted a second closing at the year-end. Since the fund was launched on 6 October 2005, 1300 investors have invested a total of NOK 540m (approx €70m) in the two closings.
With a planned gearing of 75%, the fund has a committed capital for property investment of approx NOK 2 160 m (approx € 270 m). During 2006 the fund plans to have quarterly closings for new investments into the fund.
The fund is actively managed and aims to build a diversified portfolio that provides excellent prospects across different property types, regions and tenant categories. The fund is a closed ended fund with a 10 year life span and benefits from Aberdeen’s local expertise in the Norwegian property market.
The target return on capital for the fund is 12-18% per year after taxes and charges. Expected annual payout is 5-9% on invested capital.
Espen Klevmark, Managing Director Norway, Aberdeen Property Investors commented:
“The initial success of the Norway II fund is very encouraging. We expect a similar investment inflow throughout 2006, which will create a property portfolio of €600 – 800 million. This is an ideal size for risk diversification and enables the fund to look at the largest transactions in Norway”,
Ubbe Strihagen, International Director Aberdeen Property Investors said:
“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 international investors, along with stocks and bonds”
For more information, please contact:
Espen Klevmark
Managing Director Norway and Head of Fund Development,
Tel: +47 900 23 111
Ubbe Strihagen
International Director
Tel: +46 8 412 8039
Charlotte Barker / Tom Siveyer
Maitland: Tel: +44 207 379 5151