Aberdeen's Pan-Nordic Fund has acquired the headquarters of Swedish Match in central Stockholm for EUR 108 mln. The Swedish manufacturer of tobacco products and matches will continue to use the 40,000 m[sup]2[/sup] property as its head office. The deal comes a month after Aberdeen's fund made EUR 328 mln worth of acquisitions in Norway and Finland, lifting the value of Pan-Nordic’s portfolio of assets in all four Nordic countries to EUR 618 mln.
Aberdeen's Pan-Nordic Fund has acquired the headquarters of Swedish Match in central Stockholm for EUR 108 mln. The Swedish manufacturer of tobacco products and matches will continue to use the 40,000 m2 property as its head office. The deal comes a month after Aberdeen's fund made EUR 328 mln worth of acquisitions in Norway and Finland, lifting the value of Pan-Nordic’s portfolio of assets in all four Nordic countries to EUR 618 mln.
Having secured a further EUR 60 mln of equity commitments on 21 June, the fund has a war chest of EUR 428 mln from 26 investors throughout Europe. This represents a purchasing power of approximately EUR 1 bn when leverage is included. Espen Klevmark, head of product development at Aberdeen Property Investors, said: 'We believe that the success of Aberdeen's Pan-Nordic property fund is above all the result of our ability to invest money rapidly, providing our investors with timely access to the market. Our strong presence in Europe and in particular in the Nordic region gives us a competitive advantage, allowing us identify suitable properties for our funds at an early stage.'
