Aberdeen fund acquires Swedish logistics centre

Aberdeen Property Investors announced on Wednesday that one of its open-ended real estate funds has acquired a logistics and distribution centre in Sweden. The investment volume was not disclosed but Aberdeen said the net initial yield for the property bought by its Nordic Fund 1 is 6.1%.

The property, with a lettable area of 40,400 m2, was built in 1999 and extended in 2003. Located in the Torsvik Industrial area, 10KM south of Jonkoping, the centre is fully let on an 11-year lease.

Nordic Fund 1 has carried out three acquisitions so far this year. Following the acquisitions of two office properties in Norway in January and February, the fund has invested approximately EUR 140mln in the Nordic region. The first Norwegian acquisition was St. Olavsgate 23, situated in Oslo city centre. Constructed in 1900 as a Methodist church, the property is being modernised, whilst retaining its original features. It has a total lettable area of around 4,100 m² over five floors; it has long-term lease contracts and no vacancies. The property has a net initial yield of 6.05%.

The second Oslo office building acquired for the fund has a lettable space of more than 11,000 m² and is spread over seven floors. Built in the early 1930s, it was completely refurbished in 2001. It has a net initial yield of 5.9%.

Fund manager Marc Pamin commented: 'Having recently signed a new investor and with another about to join the Nordic Fund I now has total equity of EUR 170mln. The fund is therefore close to being fully placed on the equity side'.

Aberdeen Property Nordic Fund I SICAV (FIS) is a Luxembourg based open-ended real estate fund with a core/core+ investment strategy focussing on commercial properties in the Nordic region. The fund is designed for, but not limited to, German institutional investors.