Aberdeen Property Investors's European Balanced Property Fund has made its first French purchase acquiring the landmark Haussmann-style, mixed-use building from AGF Iart in central Paris. The value of the transaction was not disclosed.

Aberdeen Property Investors's European Balanced Property Fund has made its first French purchase acquiring the landmark Haussmann-style, mixed-use building from AGF Iart in central Paris. The value of the transaction was not disclosed.

The building, which was refurbished in 2002, offers some 5,444 m2 of office and retail space and has 96 indoor parking places. The principal tenant is Groupe Caisse d' Epargne. Draco Partners acted as Aberdeen's agent in the acquisition.

Since its launch last year Aberdeen's European Balanced Property Fund has raised EUR 191 mln in equity from institutional investors.

The fund currently has properties of a total asset value of EUR 70 mln under management and has further deals in the pipeline in Belgium and the Netherlands. It made its first acquisition in October, when the fund acquired a 4,943 m2 office building in the greater Helsinki area, Finland.

Aberdeen European Balanced Property Fund targets investments in Belgium, Finland, France The Netherlands, and Spain. In France, the fund invests mainly in office, commercial and logistic premises.