Aberdeen Standard Investments (ASI) European Balanced Property Fund has pre-let a high specification 30,000 sqm distribution unit to a Finnish logistics company at a prime logistics location next to Helsinki airport and Ring Road 3.
The lease term is for 15 years with no breaks and the deal was sourced off market by ASI’s specialist local transactions team.
The pre-letting has achieved an uplift in value of €8m, approximately 20% of capital value. The construction of the logistics centre will start in early 2021 and the project will be completed during 2022.
Gert-Jan Kapiteyn, Fund Manager, European Balanced Property Fund, said: “Forward-funding well-located, high specification logistics developments is an excellent way to source high quality, long leased stock for the fund. We have carried out similar ‘build to core’ strategies in Finland, Spain and The Netherlands.”
The €1.2 billion Aberdeen European Balanced Fund has 25 holdings located across Europe. It was launched in 2006 and is a core, low risk, diversified fund aiming to deliver income.
Notes to editors
- Aberdeen Standard Investments is one of Europe’s largest real estate investment managers, managing £37 billion of real estate assets across UK, Europe and Asia. Our dedicated team of 270 real estate investment professionals manages more than 1,600 real estate assets worldwide, and are based in 19 offices (including London, Edinburgh, Frankfurt, Paris, Stockholm, Copenhagen, Amsterdam, Hong Kong, Singapore, Boston. (30 June 2020)
- Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients. With over 1,000 investment professionals, we manage £486.5 billion* of assets worldwide. We have clients in c.80 countries supported by over 40 offices globally. This ensures we are close to our clients and the markets in which we invest. (*as of 30 December 2019)
- We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
- You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/news-and-media
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