Aberdeen acquires shopping centre in Den Bosch, The Netherlands

12 May 2010

Aberdeen European Balanced Property Fund has acquired the “Arena” shopping centre and adjacent “Stoa” shopping gallery in the centre of Den Bosch, the Netherlands. The Seller was an institutional real estate fund managed by Pramerica. Both parties have agreed not to disclose the purchase price.

“Arena & Stoa” is directly attached to one of the principal shopping streets in Den Bosch. Den Bosch, with its historic city centre, is one of the most popular shopping destinations in the south of the Netherlands. The properties were constructed in 1998 with a total leasable area of approximately 11,800 square metres. The acquisition comprises parking facilities with more than 900 parking places. The properties are fully let occupied by such anchor tenants as H&M, Albert Heijn, NewYorker and La Place amongst others.

Aberdeen European Balanced Property Fund currently owns properties with a total asset value of more than €350 million in Finland, France, Belgium and the Netherlands. To date, the Fund has raised €267 million in equity from institutional investors and is actively looking for new investment opportunities in several countries in the euro zone.

The Buyer was advised by Aberdeen Property Investors The Netherlands and legal advisor Van Doorne. Cushman & Wakefield acted as commercial advisor and Lexence as legal advisor to the Vendor.

Nico Tates, Fund Manager to the Aberdeen European Balanced Property Fund commented:

“This high quality acquisition is a tremendous addition to the Fund’s portfolio. The historic town of Den Bosch offers a very attractive retail climate and the town is a magnet to consumers from all over the country. The shopping centre has strong anchor tenants and is strategically located in the heart of the city. Growth potential is significant due to the planned re-development of the adjacent hospital area into a large scale residential and cultural centre. The fund will continue to seek actively for additional property investments of high quality in our key markets.”

For further information please contact:

Nico Tates
Fund Manager
Aberdeen European Balanced Property Fund
Telephone: +31 20 687 050 00
Email: nico.tates@aberdeenpropertyinvestors.com

Gert-Jan Kapiteyn
Deputy Fund Manager
Aberdeen European Balanced Property Fund
Telephone: + 31 20 687 05 00
E-mail: gert-jan.kapiteyn@aberdeenpropertyinvestors.com