Aberdeen Property Investors has launched a new fund for international institutional investors. The Aberdeen European Shopping Property Fund is a closed-ended fund with a defined term of 10 years.
Aberdeen Property Investors has launched a new fund for international institutional investors. The Aberdeen European Shopping Property Fund is a closed-ended fund with a defined term of 10 years.
It made its first acquisition in September from Rodamco Europe and currently holds a portfolio of 150 unit shops in inner city locations across the Netherlands with a total value of EUR 124 mln.
'The aim is to achieve a return on equity for the investor of above 9% p.a. (net of fees and after leverage) which includes a relatively high cash return of 5% p.a.,' Aberdeen said in a statement. Initially, the focus will be on the north west of Europe including Belgium, France, the Netherlands and Germany. However, other areas such as the Nordic markets will be considered as opportunities arise. The target investment volume is EUR 1 bn by the end of 2009.
Aberdeen already manages 40 shopping centres with a total value of EUR 1.3 bn throughout Europe, and the company said it will build on that unique experience to support this new fund.