Abrdn’s open-ended European fund raised a further €100m during the final quarter of 2023, after receiving capital commitments from new and existing European institutional investors.
The manager said the Abrdn Pan European Residential Fund (aPER), which secured the capital through three separate commitments, now has €1.7bn in gross asset value (GAV), with a plan to more than double the size of the fund to €4bn GAV in the medium term.
The aPER fund’s portfolio currently includes 49 assets, in 30 cities across 10 countries which are expected to be all income-producing in the third quarter of this year, the manager said.
Abrdn said it has also appointed Lisa Pfisterer to join the team as an additional deputy fund manager.
Marc Pamin, aPER’s fund manager, said: “Our pan-European core strategy delivers robust, defensive returns from the residential sector, including PRS, student housing, senior living, and co-living.”
Stela Nesheva, a deputy fund manager for aPER, said, “We are committed to investing in large, high-quality, purpose-built residential blocks in cities with strong demand and supply fundamentals.
”We have a solid deal pipeline and the capability for quick capital drawdown and deployment. Our new equity commitments will likely be drawn down within 1-2 quarters.”
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