Aberdeen launches German residential property fund
Aberdeen Asset Management has raised initial seed capital of €115m for its new Germany residential property fund Städte und Wohnen.
Daniel Dreyer, lead manager, will invest initially in properties in Berlin, Frankfurt, Hamburg and Karlsruhe, comprising a total of 350 rental units that are “virtually fully let,” the firm said.
An new property of 120 rental units has also been acquired in Heidelburg, with a contract signed for the purchase of a project in Munich of more than 100 units – expected to complete in 2012.
The fund’s overall target is to invest about €1bn in Germany residential property in coming years.
Hartmut Leser, head of Distribution, Germany and Austria at Aberdeen, said Städte und Wohnen was the second of three funds launched in Germany since 2012 that focused on property.
“The progress we are making in Germany is also reflected in the BVI statistics: Back in 2010, we ranked 8th in terms of inflows to property funds whereas currently we have moved up to pole position (as of July 2012).”