Aberdeen Property Investors has made its fifteenth and final investment for Aberdeen Indirect Property Partners (AIPP), Europe's largest pan-European pooled property fund of funds. The fund, which was the first of its kind in Europe backed by a group of pan-European institutional investors, was launched in February 2005 and has equity commitments of EUR 623.5 mln.
Aberdeen Property Investors has made its fifteenth and final investment for Aberdeen Indirect Property Partners (AIPP), Europe's largest pan-European pooled property fund of funds. The fund, which was the first of its kind in Europe backed by a group of pan-European institutional investors, was launched in February 2005 and has equity commitments of EUR 623.5 mln.
AIPP, which is managed by Aberdeen's subsidiary API Indirect Investment Management (API IIM), now has 27 institutional investors from Portugal, the Netherlands, Switzerland, Denmark, Finland, Norway and Sweden. The fund is a closed-end Luxembourg FCP and has built a highly diversified portfolio of 15 different property funds across Europe. By accessing funds with attractively priced portfolios and top performing management teams, AIPP claims to have consistently achieved double-digit returns since inception.
Tomas Otterud, deputy managing director of API IIM and fund manager of AIPP, said: 'We are very pleased with the fund's performance to date, especially on a risk-adjusted basis. According to the latest available audited figures, AIPP has delivered a net annualised IRR of 18.6% since inception, outperforming its target of 10-14%, with only 46% leverage exposure, 3% development exposure and with a highly diversified portfolio of some 870 properties in 16 countries and three sectors.' The company added it is currently 'evaluating a number of opportunities for a successor fund - AIPP II, planned to be launched later this year.
