Aberdeen sparks RE secondaries fund with €151.5m

The global asset manager has lined up the initial equity for its real estate secondaries debut, with capital already deployed in a portfolio acquisition of seven property funds.

Aberdeen Asset Management, the global investment manager, has received €151.5 million in initial commitments for its first dedicated  real estate secondaries fund, the Aberdeen European Secondaries Property Fund (AES). The firm is halfway towards meeting its capital-raising target of €300 million for the vehicle, with a final closing due in September. 

Aberdeen also has completed its first investment on behalf of the AES fund, acquiring a portfolio of interests in seven funds. The firm declined to reveal how much the positions cost, although it noted that the price as a percentage of net asset value was “attractive.” The deal was brokered by Jones Lang LaSalle.

In an announcement on the deal, Aberdeen said it already is an investor in six of the funds. The acquisition takes the firm’s property fund commitments close to the 100 mark, continuing its policy of acquiring interests in funds it knows well. Aberdeen typically invests in real estate via fund of funds, through which it currently manages €2.4 billion in assets.

Johan Temse, the account manager for AES, said: “For us, it’s a great start for the product, as we see the number of investments in similar deals in the market grow. We are confident that we will be able to deploy the rest of the capital and encourage further LP commitments to the fund.”