Aberdeen Property Investors has raised €70m (£48m) at the first closing of its Aberdeen European Shopping Property Fund.

The fund manager announced the figure today and said that the next closing will be in December, with a total equity target of €525m (£364m). With gearing, this will give the fund €1.5bn (£1bn) to spend on retail properties in the Netherlands, Belgium, France and Germany.

So far, the fund has received commitments from institutional investors from Switzerland and Sweden, and has properties valued at €160m (£111m) under management.