Aberdeen Standard Investments has made its largest investment to date for its pan-European residential property fund, buying over 800 privately rented apartments in Helsinki.
Financial details were not revealed, but the fund said that the deal took its total gross commitments to €450 mln, invested across five residential schemes incorporating 1,430 homes, within four European capital cities.
'Helsinki is a prime example of the constant high demand for good quality housing in key cities where people want to live and work,' said Marc Pamin, fund manager.
'We’ve already established a considerable momentum for the fund with other recent acquisitions in Copenhagen, Paris and Vienna – all of which are very strong private rental markets. We will maintain this in the right cities; continue searching for the best properties for occupiers; and aim to provide stable returns for our investors.'
Representing the fund's debut deal in Finland, the 824 assets are located within the Helsinki Metropolitan Area, close to the city centre.
The newly-built one and two-bedroom apartments comprise 26 buildings covering some 45,678 m2, and have a current total occupancy rate of 96%.
Aberdeen Standard said the fund had also completed its second close, raising a further €42.7 mln of commitments from investors in Ireland, South Korea and the Netherlands. The total equity raised since launch is now €398.2 mln.
According to the firm, the fund launched in March 2018 with an initial investment of €355.5 mln from eight investors in the Netherlands, Luxembourg and Switzerland. It aims to achieve gross assets in excess of €1.5 bn in the medium term.
Aberdeen Standard’s current residential portfolio includes over 15,000 residential units across Europe and the UK with an additional 3400 units under construction and a combined total value of almost €6.5 bn.
