Aberdeen Standard Investments has bought two PRS sites in Edinburgh and Leeds for more than £44m in total.
The firm now has more than £700m of residential assets across 12 funds under management in the UK.
Lochrin Quay is a 113-unit residential block in Edinburgh and is 80% occupied. The £27.5m purchase is the second residential acquisition for a £2.3bn multi-sector portfolio.
Separately, the UK PRS Opportunities 1 Fund paid £17.3m for the development of a new 107-unit residential scheme in Leeds being built by KMRE Group and due to complete in spring 2019.
Ed Crockett, fund manager at Aberdeen Standard Investments, said: “With its secure long-term rental income streams, residential property is a compelling opportunity for investors. But product is key. Our experience in Europe shows that what really counts is being able to create homes and communities that people want to live in for decades.”
Aberdeen Standard’s current UK portfolio includes more than 800 private rented units and nearly 6,000 student rooms. In Europe it has 9,000 properties with a total value of €6bn.
Capita and Colliers International acted for Aberdeen Standard Investments on the deals.
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