Aberdeen’s European secondaries property fund of funds oversubscribed at EUR300m
Aberdeen Asset Management has completed the fundraising for the Aberdeen European Secondaries Property Fund of Funds.
The fund was oversubscribed and reached its hard cap of EUR300 million ahead of its final closing date in September of this year.
Following the EUR151.5 million of initial commitments, with Första AP-fonden (AP1) as lead investor and Aberdeen itself as a co-investor, the strategy has attracted investments from the Korea Scientists & Engineers Mutual-aid Association (SEMA) and another Nordic investor.
The fund is already 38 per cent committed, has made eight investments and has exposure to more than 200 properties across Europe.
The investments have mainly been sourced from institutional owners of units that are seeking to rebalance their portfolios, due to changes in strategy or in the regulated environment. Aberdeen believes that this trend will continue creating an opportunity to get value added returns for stabilised and de-risked portfolios.
Lars Graneld and Johan Temse are the lead managers.
Andrew McCaffery, global head of alternatives at Aberdeen, says: “The success of this fund launch is a reflection of Aberdeen’s experience, expertise and in-depth coverage of the property funds universe. The secondaries market is particularly attractive with an increasing number of opportunities with investors becoming more active in the management and composition of their indirect property portfolios.”
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