Aberdeen Standard Investments has agreed two deals for its pan-European residential property fund, representing a total investment of €120 mln in Paris and Vienna.
The fund was launched in March this year after raising an initial €355 mln, and now has a portfolio of 610 apartments in operation or under development in Denmark, Austria and France.
Together, the two schemes covered by the transactions have 260 residential units and eight commercial units – a total combined space of 20,178 m2 with 278 parking spaces.
'Residential property tends to have lower volatility than other asset classes and has the potential to deliver attractive long-term income returns for investors,' said Marc Pamin, fund manager of the Aberdeen Standard Pan-European Residential Property Fund.
'These two deals are reflective of our strategy of providing high quality rental homes in prime central locations that meet the needs of tenants and growing housing demand in Europe.'
In Vienna, the fund purchased the Franz Joseph project, which is located in the Helmut Zilk Park area near the central train station.
The fund has also made a debut investment in Paris, committing to the development of a new residential housing project in the west of the city, in the Suresnes area. The developments will be completed in 2020.
These developments will bring the total capital deployed by the fund to €245 mln, or 70% of the initial capital raised.
Aberdeen Standard Investments’ current residential portfolio includes nearly 10,000 properties across Europe and the UK with a combined total value in excess of €6 bn.