Aberdeen Property Nordic Fund I announces that it has acquired a 9,000 m2 renovated office building in central Turku, Finland.
The property, Humalistonkatu 1, originally built in the 1930’s has been gradually converted into a multi-user office building and underwent a complete renovation in 2004. The building’s main tenants are Turun kaupunki (City of Turku), TeliaSonera Oy, Medivire Oy and Suomen Posti Oyj (Finnish post).
Launched in 2006, Aberdeen Property Nordic Fund I is an open-ended fund intended to invest in a diversified portfolio of Nordic commercial property. The Fund is exclusively tailored to the requirements of German institutional investors and qualifies as a special fund.
Tim Lasys, Fund manager for Aberdeen Property Nordic Fund I SICAV comments:
“This property fits well with the fund's core strategy of investing in well located properties with quality tenants and some development potential.”
Pertti Vanhanen, MD Aberdeen Property Investors in Finland added:
“There has been a strong appetite for the Finnish property markets in recent years. With strong economic forecasts, we believe that the Finnish property market will continue to remain attractive in the near future. This transaction is a great example of how Aberdeen’s European teams works together, successfully leveraging our deep local knowledge to find the right property for the right client in this competitive market.”
This acquisition is the Nordic I’s second investment in Finland. In August 2006, the Fund agreed to acquire the first part of Falcon Business Park in Espoo, Finland, from NCC Property Development, with a tentative agreement to purchase three additional phases in the future.
Aberdeen Property Nordic Fund I has raised a total of approximately €130 million in equity from four investors since its first closing in October 2006. A further closing is expected in autumn 2007.