Aberdeen Asset Management has acquired a residential development in the German city of Stuttgart from developer PDI Property Development for one of its special funds.
Aberdeen Asset Management has acquired a residential development in the German city of Stuttgart from developer PDI Property Development for one of its special funds.
Financial details were not disclosed.
The Maybach Quartiere project is located to the north of the city and will provide around 9,500 m2 of space across 116 housing units in addition to 150 underground parking spaces. Project completion is scheduled for November 2013.
The Stuttgart project is the second deal between Aberdeen AM and PDI in the past year. In November, Aberdeen purchased the Alex & Henrys residential project in Frankfurt from PDI.
Aberdeen Asset Management manages around €24 bn in real estate assets and is active in 23 countries with a workforce of over 2,000 employees.
