Aberdeen raises £115m for UK private-rented sector club
Aberdeen Asset Management has raised £115m (€136m) for a private-rented sector (PRS) strategy.
UK pension funds are investing in the club, which will target existing schemes and new developments.
Michael Dinsdale, who led the capital raising, cited growing interest in the PRS sector.
“We have designed the club after extensive discussions with investors to meet their needs for a clear strategy, a simple structure and a cost-effective approach,” he said.
Ed Crockett, who leads Aberdeen’s UK residential team, will manage the portfolio.
Crockett said: “We see this as an area of real interest for investors offering a stable, durable income stream with strong demographic pressure driving a fundamental change in the approach to the sector.”
As reported in April, Aberdeen is looking to commit £500m to UK PRS over the next five years.
The company bought The Hub, an 84-unit development in Harrow on the Hill, earlier this year.
Crockett said the company was seeking assets with “affordability, accessibility and amenity”.