Aberdeen Asset Management has acquired Welau Arcaden shopping centre from German property group Ferox Immobilien. The financial details of the transaction were not disclosed. The shopping centre is located on the main shopping street in the heart of Wedel, near Hamburg.

The recently constructed shopping centre comprises 7,750 m2 of rentable retail space. It is fully let on long leases to retail chains such as Aldi, C&A, Edeka and Deichman.

Aberdeen was advised by the local transaction team of Aberdeen Immobilien KAG who monitors the transaction process in Germany for Aberdeen funds.
To date, the Aberdeen European Shopping Property Fund has raised EUR 115 mln in equity from institutional investors and remains open to new investors. The fund currently has retail properties with a total market value of EUR 225 mln under management, in France, Belgium, the Netherlands and Germany.

Aberdeen said the fund will continue to seek investment opportunities in Germany.