Aberdeen European Balanced Property Fund has acquired the Turun Sampotalo property in Finland from Netherlands-based retail property specialist Redevco. The parties agreed not to disclose the purchase price but Redevco acquired the retail and office asset in 2006 for EUR 20 mln.
Aberdeen European Balanced Property Fund has acquired the Turun Sampotalo property in Finland from Netherlands-based retail property specialist Redevco. The parties agreed not to disclose the purchase price but Redevco acquired the retail and office asset in 2006 for EUR 20 mln.
Aberdeen Proeprty Investors said Sampotalo is a prime landmark building located along the principal shopping street in the central business district of Turku. The property was constructed in 1938 and it is fully let with a leasable area of 9,700 m2. The main tenant, City of Turku, occupies the office floors with a long-term lease.
Aberdeen European Balanced Property Fund currently has properties with a total asset value of some EUR 295 mln under management in Finland, France, Belgium, the Netherlands and Germany. The fund has further deals in the pipeline in all of these countries.
To date, Aberdeen European Balanced Property Fund has raised EUR 262 mln in equity form institutional investors and is looking for new investment opportunities in several Euro countries. The fund was advised by Aberdeen Property Investors Finland, while Leimdörfer acted as commercial advisor and Krogerus Attorneys as legal advisor to Redevco in the transaction.
Mikko Iivonen, portfolio director for Redevco Finland commented: 'In the future we will focus even more distinctively on retail properties in the Nordics. Major part of the leasable area in Turun Sampotalo is office space so through the transaction we decrease our office exposure' .