Aberdeen's European Balanced Property Fund has announced the acquisition of six high-street retail properties Germany. The financial details were not disclosed.
Aberdeen's European Balanced Property Fund has announced the acquisition of six high-street retail properties Germany. The financial details were not disclosed.
The assets are in inner-city locations in the cities of Delmenhorst, Dinslaken, Duisburg, Giessen, Minden and Oberhausen.
The portfolio comprises a total lettable area of 4,434 m2 and has a weighted average unexpired lease term of 5.3 years. The tenants include Hennes & Mauritz, Ernsting Family and Nordsee.
The fund was advised by Aberdeen Immobilien KAG, the fund manager's local team.
The Aberdeen European Balanced Property Fund had a gross asset value of EUR 462 mln at end-December 2011.
Gert-Jan Kapiteyn, fund manager of the Aberdeen European Balanced Property Fund, said: 'The acquired portfolio offers a long-term secured income stream at low risk coupled with an attractive yield. The prospects for long-term growth in income return and capital growth on this portfolio are very attractive. The fund remains open to similar investment opportunities in the main cities of Germany, concerning retail, office and industrial/logistics property.'
