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LONDON-Celogix Property Fund, the investment fund managed by Aberdeen Property Investors specialising exclusively in European logistics and distribution centres, reports an increase in its net asset value (NAV) of 16.9% since the fund was launched in September 2000 to the end of December 2001.

This represents an average increase of 14.5% on an annual basis. The increase in NAV as a result of the direct yield was 10.1%. The indirect yield added a further 6.8%.

Total capital invested as at year-end 2001 amounted to €126.6 million ($118.7 million).

The fund currently consists of ten Dutch institutional investors. The volume of the property portfolio is expected to exceed €200 million ($188 million) by the end of June. The maximum volume of the portfolio will then be reached. The fund manager, Aberdeen Property Investors, therefore proposes to open up the fund to new investors. The goal is to increase the fund to approximately €400-€500 million ($375-$469 million) by the end of 2003.

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