Aberdeen Property Investors (API) is set to complete the takeover and rebranding of Goodman Property Investors (GPI) by 31 May. The UK's financial regulator has approved the deal which transforms API into the eighth-largest property fund manager in the world. 'We filed with the Financial Services Authority on a Friday and had the approval by Monday,' API CEO Rickard Backlund told PropertyEU. 'It was probably the fastest decision ever by the FSA.'
Aberdeen Property Investors (API) is set to complete the takeover and rebranding of Goodman Property Investors (GPI) by 31 May. The UK's financial regulator has approved the deal which transforms API into the eighth-largest property fund manager in the world. 'We filed with the Financial Services Authority on a Friday and had the approval by Monday,' API CEO Rickard Backlund told PropertyEU. 'It was probably the fastest decision ever by the FSA.'
Earlier this month API announced it was acquiring GPI, the largest independent property fund manager in the UK, from Australian listed property trust Goodman Group for about EUR 130mln. GPI, which was predominantly active in the UK, has EUR 8.9bn of assets under management. API has more than EUR 20bn of assets under management in the Nordics and Continental Europe, but only one mandate in the UK.
Backlund said API has up to now been 'quite Nordic' but that GPI adds the UK, the 'missing piece of the jigsaw', to the group's operations. Each of the three regions will in future account for roughly a third of API's business. API, Backlund said, is being reorganised to reflect this regional split, with GPI managing director John O'Connor taking over as head of API's UK operation. API's one UK mandate is being added to GPI's business and all the funds are being rebranded with the Aberdeen name. GPI's Andrew Smith will head the indirect property division.
On completion of the GPI deal, API will have about EUR 30bn of assets under management, making it the second-largest property fund manager in the UK after Morley. API will be the eighth-largest in the world after Morley, Morgan Stanley, Pramerica, RREEF and ING Clarion. Earlier this year, Aberdeen completed the acquisition of German fund manager Degi from Dresdner Bank for EUR 110mln.
Backlund said the Degi takeover strengthened API's position in the powerful German property market. The deal also gives API a foothold in Asia on which to build as Degi is active there. Thirdly, Degi will act as a distribution channel in Germany for the products of both API and its mother company Aberdeen Asset Management, a global investment manager with some EUR 140bn of assets in equities, fixed income and property at end-December last year.
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