Deals

Aberdeen swells assets with German buy

Aberdeen Property Investors, the subsidiary of Europe’s Aberdeen Asset Management, is acquiring a German-based property investment manager from Dresdner Bank for €110 million ($162 million).

By
Robin Marriott
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Aberdeen Asset Management’s property subsidiary Aberdeen Property Investors is taking over Deutsche Gesellshaft fur Immobilienfonds (DEGI), boosting assets under management by 50 percent in the process.

Its German target manages €6.4 billion of assets through a range of property vehicles and will be merged with Aberdeen’s real estate arm, which itself manages €13 billion through a series of funds.

Aberdeen Property Investors is based in Stockholm, Sweden, though its parent group is listed on the London stock exchange.

In a statement, the firm said the bolt-on of DEGI would broaden the firm’s German client base in what it described as a “key market” as well as increase its assets under management by half.