Aberdeen Standard Investments’ new European residential fund has made its first acquisitions worth €125m.
Aberdeen Standard Pan-European Residential Property Fund has committed to two phases of the ’Das Ensemble’ development in Austria. The scheme, which will include 244 apartments, is scheduled to complete in early 2020.
In Denmark, the fund is also buying a 10,529sqm residential complex on Teglholmen in Copenhagen’s South Harbour district. The asset has 105 apartments spread over seven floors and two commercial units.
This transaction is expected to complete in the current quarter.
Marc Pamin, fund manager of the Aberdeen Standard Pan European Residential Property Fund, said: “These transactions reflect our focus to invest in quality rented residential property in Europe’s leading cities which can deliver stable long-term income returns.
“We are building a portfolio of good quality, well-located and sustainable rental properties that meet the needs of tenants and addresses growing housing demand across Europe. That’s how we’ll aim to deliver the robust, long-term income returns we anticipate for the fund.”
The Aberdeen Standard Pan European Residential Property Fund was launched in March with an initial investment of €355.5m from nine investors in the Netherlands, Luxembourg, Switzerland and the UK.
The fund is expected to complete its second close at the end of the third quarter of this year, with the plan of achieving gross assets in excess of €1.5bn in the medium term.