Aberdeen European Balanced Property Fund completes acquisition

Friday, March 05, 2010

Business space leasing deal agreed by Aberdeen European Balanced Property Fund.

Aberdeen European Balanced Property Fund has completed the acquisition of Redevko's Turun Sampotalo office building in Turku, Finland.

Located on the main shopping street of the city, the long-term lease sees the company inherit 104,380 sq ft of space.

The acquisition will be added to the €295 million of assets that the Aberdeen European Balanced Property Fund currently has for properties in Finland, France, Belgium, the Netherlands and Germany.

Nico Tates, fund manager of the Aberdeen European Balanced Property Fund, said: "The combination of a long office lease with a strong covenant and a prime retail location meets the investment requirements of the Aberdeen European Balanced Property Fund."

Mikko Iivonen, portfolio director at Redevco Finland, added that his company was delighted with the outcome of the transaction and will put increased focus on retail properties in the region in future.

In other property news, Westminster City Council has unveiled £14 million plans that will see Piccadilly Circus returned to the appearance that it had in 1960.

Source: ask-re The Property People LLP