Aberdeen Asset Management has received €151.5 mln of initial commitments for its new Aberdeen European Secondaries Property Fund (AES).

Aberdeen Asset Management has received €151.5 mln of initial commitments for its new Aberdeen European Secondaries Property Fund (AES).

The fund has completed its first acquisition, a diversified portfolio of seven funds, at what Aberdeen described as an 'attractive' discount to Net Asset Value. The company expects to generate value-add returns from a core portfolio.

Aberdeen said it is currently invested in five of the funds and has an investment in the predecessor fund of one of the other two funds, managed by the same team.

'The detailed knowledge of the funds in the portfolio meant that Aberdeen could perform due diligence, present an offer, and execute within a tight deadline,' the company added.

'The acquisition of the portfolio proves that by providing liquidity to a market where sellers outnumber buyers, you can find investment opportunities with attractive risk-adjusted returns,' commented Jon Lekander, global head of Property Multi-Manager for Aberdeen.

Aberdeen currently manages €2.4 bn in property multi-manager mandates.