Aberdeen Standard Investments’ pan-European residential property fund has agreed two apartment deals in Paris and Vienna worth €120m.

Pan-European Residential Property Fund, which raised an initial €355m in March this year during launch, has bought a new Paris residential housing project in the west of the city, in the Suresnes area and the Franz Joseph project in Vienna.

The two developments have 260 residential units and eight commercial units – a total combined space of 20,178sqm with 278 parking spaces. The developments will be completed in 2020.

These developments will bring the total capital deployed by the fund to €245m, 70% of the initial capital raised.

Marc Pamin, the fund manager of the Aberdeen Standard Pan-European Residential Property Fund, said: “Residential property tends to have lower volatility than other asset classes and has the potential to deliver attractive long-term income returns for investors.

”These two deals are reflective of our strategy of providing high-quality rental homes in prime central locations that meet the needs of tenants and growing housing demand in Europe.”

The ‘Franz Joseph’ project strengthens our presence in Vienna, whilst the Suresnes development in Paris represents the fund’s first investment in the city, which has a strong private rental sector, Pamin said.

”We will continue to build the portfolio, buying quality, sustainable assets that can deliver stable, long-term income returns for investors.”