Aberdeen Property Investors (API) has joined forces with a group of UK and Dutch pension fund investors to launch the Regent Residential Partnership, a £70m residential investment fund with property in Central London and the Home Counties.
The Partnership, which includes Dutch pension fund giant PGGM and Barclays Bank UK Retirement Fund among its four backers, anticipates having increased the value of its assets to £100m by the end of the year, a figure that it claims would make it the largest institutional residential co-investment fund in the UK.
The fund aims to expand its property assets to a value of £150-£200m during its initial 10-year life span by attracting more investors. Charles Weeks, APIs director of new products, who is responsible for the Partnership, said: “Weve been successful in attracting third-party institutional investors into the fund as a result of its clearly defined investment strategy. Its easier to be a generalist in property investment, but the feedback weve received from our investors says that they want focus.”
The fund’s assets include several properties let to US corporations which are situated near US schools in Egham, Cobham and Hillingdon, and nine freehold apartment blocks in Kensington and Chelsea.
API manages over £2.2bn of property assets. In December 2000 it launched the Regent Retail Parks Partnership, a fund worth in excess of £220m.
EGi News 14/03/01
