Aberdeen European Balanced Property fund has acquired Olen shopping park, in Belgium, from VLAECO, a joint venture of Cordeel and Aertssen.
The deal originated through the network of Aberdeen Asset Management in Belgium.
Located 35km east of the Flemish city of Antwerp, Olen shopping park has 30,880 m2 of retail space, restaurants and 1,500 parking spaces, and is well connected to the E313 motorway running between the Belgian cities of Antwerp, Hasselt and Liege.
The park’s anchor tenants are retail chains such as Decathlon, Apple, Gamma, Krefell, Albert Heijn, AS Adventure, Lunch Garden and Walter van Gastel. The roofs of the retail park contain photovoltaic solar panels that generate renewable energy.
“The prospects of this transaction for long-term income growth and capital growth are very attractive. The fund remains open to similar investment opportunities, particularly in Germany and France, involving retail, office and industrial/logistics property,” said Gert-Jan Kapiteyn, fund manager of the Aberdeen European Balanced Property Fund.
