Aberdeen Standard Investments has agreed the first two deals for its new Pan European Residential Property Fund, which together will amount to an investment of €125 mln.
In Vienna, the fund has committed to two phases of the ’Das Ensemble’ development (pictured), close to the Austrian capital’s Danube Channel and Prater area. The scheme will include 244 apartments, a children’s play area, a supermarket, chemist and 113 parking spaces and is scheduled to complete in early 2020.
The fund has also negotiated terms on the acquisition of a 10,529 m2 residential complex on Teglholmen in Copenhagen’s South Harbour district built in 2014. This transaction is expected to complete before the end of Q3 2018.
The asset provides 105 apartments spread over seven floors, two commercial units on the ground level and parking for 75 cars.
Marc Pamin, fund manager of the Aberdeen Standard Pan European Residential Property
Fund, said: 'These transactions reflect our focus to invest in quality rented residential property in Europe’s leading cities which can deliver stable long-term income returns. We are building a portfolio of good quality, well-located and sustainable rental properties that meets the needs of tenants and addresses growing housing demand across Europe. That’s how we’ll aim to deliver the robust, long-term income returns we anticipate for the Fund.'
The Aberdeen Standard Pan European Residential Property Fund was launched in March with an initial investment of €355.5 mln from nine investors in the Netherlands, Luxembourg, Switzerland and the UK. It is the first fund of its kind in the market.
The Fund is expected to complete its second close at the end of Q3 2018, with the ambition of achieving gross assets in excess of €1.5 bn in the medium term.
Aberdeen Standard Investments’ current residential portfolio across Europe and the UK includes nearly 10,000 properties with a combined total value in excess of €6 bn.