Aberdeen Asset Management has launched a second residential fund for institutional investors in the space of two months. The new Spezialfonds will target residential assets in Germany and has some EUR 100 mln in seed money. In August, Aberdeen announced that its Swedish residential fund had received some EUR 115 mln in commitments from institutional investors at its first close.
Aberdeen Asset Management has launched a second residential fund for institutional investors in the space of two months. The new Spezialfonds will target residential assets in Germany and has some EUR 100 mln in seed money. In August, Aberdeen announced that its Swedish residential fund had received some EUR 115 mln in commitments from institutional investors at its first close.
Dubbed ‘Cities and Living’ (Städte und Wohnen), the new fund started up with a portfolio of four existing assets in Berlin, Frankfurt, Hamburg and Karlsruhe, to which a development project in Heidelberg has been added which is due for completion by the end of this year. The four existing assets, which comprise some 350 units, are virtually fully let. The new scheme in Heidelberg comprises around 120 housing units.
Aberdeen said the strong fundamentals of the German economy and the trend towards reurbanisation were driving population and household growth in the country, in turn propelling demand for residential real estate.
The company said it was exploring further investment opportunities in the sector.
