Aberdeen Asset Management has confirmed that one of its funds has acquired a portfolio of high street shop units from German listed investor DIC Asset. The EUR 29 mln transaction was first announced by DIC Asset in October, without naming the buyer.
Aberdeen Asset Management has confirmed that one of its funds has acquired a portfolio of high street shop units from German listed investor DIC Asset. The EUR 29 mln transaction was first announced by DIC Asset in October, without naming the buyer.
On Wednesday, Aberdeen said that its European Shopping Property Fund acquired the portfolio of assets that are located in in the Holm, the main pedestrian shopping street in Flensburg, Germany. Flensburg, with 90,000 inhabitants, is located in north Germany, close to the border with Denmark.
The portfolio of shops is located in the middle of the Holm, where more than 4,500 consumers passing by per hour. It has a rentable space of approximately 7,000 m2 and is fully let to well-known retail chains such as H&M, Peek & Cloppenburg, Ecco, and Bijou Brigitte.
Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG who monitor the transaction process in Germany from beginning to end for Aberdeen Pan-European funds, and who are currently seeking further retail investment opportunities. DIC Asset was advised by Jones Lang LaSalle.
To date, the Aberdeen European Shopping Property Fund has raised EUR 115 mln in equity from institutional investors and the fund will re-open soon to new investors at an attractive Net Asset Value level. The fund currently has retail properties, with a total market value of EUR 198 mln under management, in France, Belgium, the Netherlands and Germany. It will continue to investigate further investment opportunities in Germany.