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«A few days ago, DEGI, part of the Aberdeen Property Investors Group, signed the purchase agreement for the “Petroleum Plaza” office building in Edmonton, Canada, for around €80 million. The property is being acquired indirectly through a real estate company, and incorporated in the DEGI INTERNATIONAL public fund, which focuses on commercial properties worldwide. The seller is an investment fund owned by KingSett Capital.
Located in the capital of Alberta, the building is situated in the heart of Edmonton’s government district. Totalling approximately 30,000 m² of rentable area, the building has been let to the provincial government of Alberta up to 2020. The overall letting ratio is 99.8 %. “Petroleum Plaza” consists of two office towers, built in 1973 and upgraded regularly. Since completion, the building has been used by the provincial government. Edmonton, with a population of almost 1.1 million, ranks among the six largest metropolises in Canada and has a growth rate of around 4.2 % over the last 10 years. This shows that Edmonton boasts the strongest economic growth of all Canadian cities after Calgary, thanks not least to the energy sector, which is benefiting particularly from Alberta’s extensive deposits of oil sand. Edmonton’s central business district possesses 1.7 million m² of office space, of which 95.4 % is currently let. “Canada ranks among the world’s strongest economies, with a remarkably dynamic performance. In the last five years, average economic growth has consistently topped 4%. This we founda cogent argument for expanding DEGI INTERNATIONAL’s portfolio in Canada”, emphasises Bärbel Schomberg, CEO of DEGI. With this new purchase, DEGI INTERNATIONAL is broadening its portfolio in Canada, which now totals three properties, also including office buildings already owned in Calgary and Ottawa, worth a total of around 414 million euros. DEGI Deutsche Gesellschaft für Immobilienfonds mbH ranks among the biggest property fund companies in Germany and ever since its foundation in 1972 has been specialising in the management of property assets. Its product portfolio currently comprises two open-ended property funds for private investors, two open-ended property funds for institutional investors, one special property fund, plus two individual mandates. The company, with around 130 employees, manages a total of approximately 6 billion euros. DEGI’s current portfolio includes properties in 16 different countries. Since
27 March 2008, DEGI is part of Aberdeen Property Investors. Aberdeen Property Investors, the specialist property division of Aberdeen Asset Management PLC. Aberdeen Property Investors is a top ten property investment manager globally, managing some 30 billion euros of property assets in Europe, Asia and North America through property funds, funds of funds and management mandates, Clients are primarily institutional investors such as life insurers and pension funds, served by more than 800 professionals at offices in eleven European countries and in Singapore, Hong Kong and Sydney».(CS della Società)
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