Aberdeen Property Investors (API) is to strengthen its ownership of Paris-based L'Etoile Properties to 51% as part of a broad European expansion.
Aberdeen Property Investors (API) is to strengthen its ownership of Paris-based L'Etoile Properties to 51% as part of a broad European expansion.
Rickard Backlund, CEO of API, told PropertyEU’s Web TV unit that he sees France as the most interesting market in Europe at the moment. API, the property arm of Aberdeen Asset Management, formed a strategic partnership with L'Etoile in September 2006.
Backlund said API, which manages more than €13bn in property investments, will increase its stake in L’Etoile to 51% by the end of the summer. Explaining the rationale behind the move, he said: ‘L'Etoile is really strong in acquisitions and asset management property management in Paris and the regions.’
DEGI, the German fund manager acquired by API in late December 2007, is moving into Italy having already done some investments in Rome. Backlund said Spain is not a focus at present. ‘Spain still a quite fragile market. We are a bit cautious there and want to wait for more information.’
Copenhagen-based Aberdeen Property Investors Eastern Europe has begun activities in Central Europe and API has a team in St Petersburg that will start to invest in the city and the Moscow region.
Go to our special MIPIM page to watch the interview.
