The portfolio includes three properties, for a total lettable area of 8.647 sq m, let to national and international brands and retailers.
The Fund, managed by the joint venture between Aberdeen Asset Management and LF REP International, recorded a successful four year holding period.
LF REP International was responsible for the Asset Management and reduced vacant areas through successful re-lettings to international brands creating a well-balanced tenant mix of retail, office and restaurants. Smart value-creating capital expenditures were made.
The sale illustrates LF REP International and Aberdeen’s ability to create value for existing PURetail investors.
Jens Goettler, Managing Director for Germany, La Française Real Estate Partners International, said:
“This first sale of properties from the PURetail portfolio demonstrates the capability of the joint venture partners to create attractive returns for the investors in the fund and to realize the original business plan. Urban retail properties have benefitted from the upswing in the investment and occupational markets. The joint venture has been able to implement successful asset management initiatives which have led to the desired results.”
Ross Braithwaite, Fund Manager Aberdeen Asset Management, said: “We are delighted to
have sold these properties well in the market, crystallizing a good risk adjusted return for
investors in the fund.”
Catella Corporate Finance and Delphi advised PURetail on the sale. The buyer is a local family office.