The Aberdeen European Balanced Property Fund has acquired a fully leased high-street retail property in the city centre of Gelsenkirchen Germany, from Treveria.
Gelsenkirchen is a city in North Rhine-Westphalia, located in the northern part of the Ruhr area, with approximately 260,000 inhabitants. The asset, fully leased to C&A, is located in the middle of the Bahnhofstrasse, the most important shopping street of Gelsenkirchen.
The property, which faces Bahnhofstraße and Preuteplatz, was constructed in 1957 and refurbished in 2006. It has a lettable retail area of 3,940 sq metres with a sales area of 2,780 sq metres spread across the basement, ground floor and first floor.
Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG which monitors the entire transaction process in Germany from sourcing to closing for Aberdeen pan-European property funds. The team is currently seeking further interesting retail and office investment opportunities.
Nico Tates (pictured), Fund Manager for Aberdeen European Balanced Property Fund, says: “We are delighted with this new investment which fits very well with the core investment strategy of the Fund. The asset is located on the very best retail location in a major German city and offers a long lease contract with a strong tenant. With investments like these, the Aberdeen European Balanced Property Fund is making further progress in the realisation of its investment strategy and fund growth, offering investors an attractive combination of cash return, long term, stable capital growth and limited risk.”
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