EUROPE - Aberdeen Property Investors has carried out a e161.5m first closing on Aberdeen Indirect Property Partners - Europe's first pooled pan European property fund of funds.
The firm aims to raise e300-400m from institutional investors during 2005. The capital was provided by the fund’s three lead investors: Folksam, Nordea Life & Pension and a pension fund in Finland whose name was not disclosed, all of whom increased their total initial commitments of e100m.
“The fund is the first of its kind in Europe, and the fact that all lead investors have increased their initial commitments proves that all parties are satisfied with the results,” commented Anders Astrom, head of Aberdeen’s subsidiary API Indirect Investment Management (APIIIM), who will be the investment manager of the fund.
AIPP, structured as a Luxembourg FCP to allow for a broad international investor base, will invest in 8 – 15 property funds across Europe. The aim is to achieve an annual total return of 10 – 14%, with an annual dividend yield in excess of 5%, Aberdeen said.
“By pooling investors together we can provide access for investors other than the biggest institutions to achieve diversified exposure to the European property market and its various managers,” said Tomas Otterud, investment manager of the fund.
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