Aberdeen Standard Investments’ open-ended core fund has made its first Spanish acquisition, the manager said as it announced that the fund’s managed assets now exceed one billion euros.

The Aberdeen European Balanced Property Fund bought the 22,899sqm multi-let Torre Auditori building in Barcelona for €98m, the fund’s largest acquisition to date. The 10-floor building was built in 2013.

The manager said the fund passed the €1bn milestones after securing over €100m worth of new capital commitments in the first quarter of the year.

Aberdeen Standard said the fund’s strategy is to screen, invest in, and manage individual assets which aim to provide the “greatest opportunity to deliver the fund’s long-term return target while avoiding excessive risk”.

The fund targets retail, office, logistics and mixed-use properties in the Eurozone.

Gert-Jan Kapiteyn, fund manager of the Aberdeen European Balanced Property Fund, said: “The fund is defensively positioned with a well-diversified portfolio, low leverage, minimal vacancies and long leases.

“The underpinning of the fund is an investment process that is rigorous in terms of judging each asset on its own merits while ensuring the fund is well diversified across sectors and countries.”