Degi Intl sells in London, prepares further sales

Germany's Aberdeen Immobilien Kapitalanlagegesellschaft said on Monday that its frozen Degi International open-ended real estate fund has sold an office building in London to an unnamed institutional investor for £60 mln (EUR 70 mln).

The investment volume was in line with the asset's assessed market value.

Completed in 1999, the Alder Castle scheme at Noble Street was acquired by Degi International in November 2003. It comprises 8,600 m² of fully-let office accommodation.

Aberdeen Immobilien KAG said the disposal has lifted Degi International's liquidity level by 2%, bringing it closer to a planned re-opening before mid-November 2011. The company said that it is preparing further disposals of the fund's 37-property strong portfolio.