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«A few days ago, DEGI, part of Aberdeen Property Investors, signed a long-term lease extension agreement for a complete office property located in Lisbon with Portugal Telecom (PT Pro), the country’s largest telecommunications company. The property possesses a lettable area of 11,650 m², and has been part of DEGI INTERNATIONAL’s open-ended property fund’s portfolio since 2005 “This letting success underlines the high quality of the buildings and locations in our fund’s portfolio, and makes a further contribution to the fund’s exceptionally stable earnings situation”, emphasises Bärbel Schomberg, CEO of DEGI’s Management Board.
“Furthermore, proactive real estate asset management is, an important factor for the success of any open-ended property fund, and a simple explanation, for the current above-average letting ratio of about 98 % in DEGI INTERNATIONAL”, emphasises Schomberg.
The lease agreement was extended for a period of ten years, demonstrating the tenant’s satisfaction with the property he is already using. The office building’s flexible utilisation concept has proved advantageous, dividing the property into three blocks of four, seven and twelve upper floors respectively. The tenant also benefits from very good transportation links in the northern centre of the Portuguese capital.
The property is located in the central business district, in the immediate vicinity of the Avenida de Republica and Entrecampos Station, and half-way between the city centre and the airport, both only a few minutesaway by car. The submarket is a famous office location, and characterised by a high proportion of existing properties.
The location also scores in terms of sustained demand for rental space. Since no new space will be completed this year in the area, a further reduction in the vacancy ratio can be anticipated.
Aberdeen Property Investors is the property investment division of Aberdeen Asset Management PLC. Aberdeen Property Investors manages property assets worth more than 25 billion euros by means of property funds, funds-of-funds and management mandates in Europe, Asia and North America. The company thus ranks among the world’s biggest property investment managers and counts among the three largest in Europe. Its customers are mainly institutional investors like life insurance companies and pension funds, plus some third-party customers, handled by more than 650 staff in 13 European countries, and in Singapore.
Aberdeen Asset Management PLC is an international investment management group that primarily handles assets for leading national and company pension funds, central banks and other financial institutions at 27 facilities worldwide. Aberdeen employs a total of 1,900 people in around 24 different countries around the globe, and with its investment centres in London, Philadelphia and Singapore covers the most important markets in the world’s major time zones. The group’s most important lines of business are stocks, bonds and property. Aberdeen has been listed on the London Stock Exchange since 1991, and is a FTSE-250 company» (CS della Società).
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