Degi, part of Aberdeen Property Investors, has sold a retail property belonging to the portfolio of its Degi Europa open-end property fund. The price is believed to be around EUR 50 mln. In a statement on Thursday, the company said that the purchase price matches its market value. The property is located at Am Brand in Mainz/Germany. It was sold to Cologne-based investor Aachener Grundvermögen Kapitalanlage GmbH.
Degi, part of Aberdeen Property Investors, has sold a retail property belonging to the portfolio of its Degi Europa open-end property fund. The price is believed to be around EUR 50 mln. In a statement on Thursday, the company said that the purchase price matches its market value. The property is located at Am Brand in Mainz/Germany. It was sold to Cologne-based investor Aachener Grundvermögen Kapitalanlage GmbH.
Degi bought the asset back in 1973, and substantially modernised it between 2005 and 2007. It is fully let to tenants including Saturn, Zara, and Esprit.
Bärbel Schomberg, Degi's CEO, said that the sale of the asset at market value showcases the high quality of the company's real estate. 'Our fund managers will deploy any instrument that is suited to optimise profits, including specifically an active portfolio management strategy,' she added.
