Aberdeen Property Investors said on Thursday that one of its pan-European funds, Aberdeen European Balanced Property Fund, has acquired Zilverpand shopping centre in the Belgian city of Bruges from Vastgoed-beleggingsmaatschappij APF IV and Zilverpand. The 4,450 m[sup]2[/sup] mall consists of 25 units and is fully let. Cushman & Wakefield acted on behalf of the vendor.
Aberdeen Property Investors said on Thursday that one of its pan-European funds, Aberdeen European Balanced Property Fund, has acquired Zilverpand shopping centre in the Belgian city of Bruges from Vastgoed-beleggingsmaatschappij APF IV and Zilverpand. The 4,450 m2 mall consists of 25 units and is fully let. Cushman & Wakefield acted on behalf of the vendor.
This was the fund's second acquisition in Belgium. Nico Tates, fund manager of the Aberdeen European Balanced Property Fund, said, 'We are very pleased to have increased our allocation to the Belgian retail sector with the acquisition of this good quality shopping center in Bruges. Our intention is to make further investments like this in Belgium, France and the Netherlands.'
The European Balanced Property Fund is currently an active buyer in the Benelux area. The latest investment follows the acquisition in October of a 20,000 m2 Trade Market/ B2B property in the Dutch town of Bleiswijk from TCN Property Projects B.V. 'The Dutch market offers attractive opportunities in terms of capital values and rental growth. We are very pleased with this acquisition as it provides the Fund with attractive yields in combination with a strong tenant and a long lease,' Tates said.