Aberdeen Asset Management has bought a UK development site for its residential opportunity fund.
The investment manager said the five-acre former Bath Press site in Bath was bought for its joint venture with Meyer Homes.
The completed, 244-unit scheme is expected to be worth £100m (€117m).
Ed Crockett, head of UK residential at Aberdeen, said the site is an “excellent opportunity to deliver a scheme of scale and quality in the under-supplied and highly sought after central Bath residential market”.
The asset is the second in the UK to be bought by the pan-European fund.
Further opportunities to regenerate “tired or redundant commercial buildings into much needed residential accommodation” are being sought, Crockett said.
As well as 244 apartments and houses, the scheme will also include 16,000 sqft of flexible business space.
Sculpture Real Estate has been appointed development manager, with construction expected to start early next year.