Wed, 16/09/2009 - 07:56
Aberdeen Property Investors' European Balanced Property Fund has acquired two prime high street retail units in Paris, France.
The properties are located on Avenue Montaigne in a prestigious area close to the Champs-Elysées which is famous for high level retail brands.
The seller was a private owner.
Aberdeen was advised by L'Etoile Properties, the notary Etude Allez et Associes, the brokers Jones Lang Lasalle and BG.
Aberdeen's European Balanced Property Fund has raised EUR242m in equity from institutional investors to date. The fund currently has properties of a total asset value of EUR264m under management in Finland, France, Belgium and the Netherlands. It has further deals in the pipeline in the Netherlands.
Nico Tates, fund manager for Aberdeen European Balanced Property Fund, says: 'The assets fit into the core investment strategy of the fund, strengthening the fund's presence in the French retail market. It was a rare opportunity to buy prime high street retail units at an attractive yield level and with upward potential, combining both cash returns and long term capital growth.'
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