Aberdeen Standard Investments’ pan-European residential property fund has raised a further €42.7m at second close and has also acquired its first Finnish asset.

Pan-European Residential Property Fund - which raised an initial €355m in March this year during launch - has bought 824 privately rented apartments in Helsinki.

The assets have a current total occupancy rate of 96%, the apartments span 26 buildings covering a total of 45,678sqm.

Last month, the fund also agreed two apartment deals in Paris and Vienna.

The manager said the latest deal takes the total gross commitments to €450m, invested across five residential schemes incorporating 1,430 homes, within four European capital cities.

Aberdeen Standard Investments said the fund received commitments from investors in Ireland, South Korea and the Netherlands at the second close.

The total equity raised since launch is now €398.2m. The fund aims to achieve gross assets in excess of €1.5bn in the medium term.

Marc Pamin, fund manager of the Aberdeen Standard Pan-European Residential Property Fund, said: “Helsinki is a prime example of the constant high demand for good quality housing in key cities where people want to live and work.

“We’ve already established a considerable momentum for the fund with other recent acquisitions in Copenhagen, Paris and Vienna – all of which are very strong private rental markets. We will maintain this in the right cities; continue searching for the best properties for occupiers, and aim to provide stable returns for our investors.”