Aberdeen Property Investors has announced that one of its pan-European funds has acquired two prime high-street retail units in Paris. The Aberdeen European Balanced Property Fund acquired the properties on Avenue Montaigne in Paris, close to the Champs-Elys茅es, from a private owner. The financial details were not disclosed.
Aberdeen Property Investors has announced that one of its pan-European funds has acquired two prime high-street retail units in Paris. The Aberdeen European Balanced Property Fund acquired the properties on Avenue Montaigne in Paris, close to the Champs-Elys茅es, from a private owner. The financial details were not disclosed.
Aberdeen was advised by L'Etoile Properties, the notary Etude Allez et Associes, the brokers Jones Lang LaSalle and BG虏.
Aberdeen's European Balanced Property Fund has raised EUR 242 mln in equity from institutional investors to date. The fund currently has properties with a total asset value of EUR 264 mln under management in Finland, France, Belgium and the Netherlands.
API said it has further deals in the pipeline in the Netherlands.
Nico Tates, fund manager for Aberdeen European Balanced Property Fund, commented: '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.'
