Aberdeen Asset Management has received EUR151.5m of initial commitments for its new Aberdeen European Secondaries Property Fund (AES).
AES has now completed its first acquisition, a portfolio of seven funds.
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.
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, 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.”