Aberdeen Asset Management is set to boost its property funds under management to almost £6bn with the takeover of Rreef Property Asset Management.
The deal - which is expected to be finalised in the next two weeks - will increase AAM’s property funds under management from £4.2bn to £5.9bn. It follows AAM’s acquisition of Celexa Group for £16.5m. The Sweden-based Celexa group, which consists of Celexa Sweden, Celexa Real Estate Investment Management UK and Celexa Real Estate Investment Management in Holland.
Taken together, the deals will mean that AAM will have more than doubled its property funds under management in a matter of weeks.
The Celexa deal increased AAM’s property under management by 83pc from £2.3bn to £4.2bn and provided it with a firm footing in the European property asset management business.
Rreef’s £1.7bn consists of five UK pension fund clients - which in aggregate total over £1bn - life company clients and specialist limited partnerships.
The deal is likely to receive the full backing of Rreef which is understood to be keen to be part of one the industry’s largest property fund managers.
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