Aberdeen European property fund makes first investment

Aberdeen Asset Management has received €151.5m of initial commitments for its new Aberdeen European Secondaries Property Fund (AES).

AES has now completed its first acquisition, a portfolio of seven funds. The portfolio is well diversified and fulfils AES’ investment criteria of high quality investments.

Aberdeen is currently invested in five of the funds and has an investment in the predecessor fund of one of the other two funds, managed by the same team. The detailed knowledge of the funds in the portfolio meant that Aberdeen could perform due diligence, present an offer, and execute within a tight deadline.

AES has acquired a high quality portfolio at an attractive discount to NAV, which means that Aberdeen expects to generate value add returns from a portfolio with mainly core characteristics.

“The acquisition of the portfolio proves that by providing liquidity to a market where sellers outnumber buyers, you can find investment opportunities with attractive risk-adjusted returns.” says Jon Lekander (pictured), Global Head of Property Multi-Manager for Aberdeen.

“With investments in almost 100 property funds, Aberdeen as fund manager is in a great position to capitalise on its strategy to acquire secondary units in quality funds we know well,” he concluded.

Aberdeen currently manages approximately €2.4bn in property multi-manager mandates.

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