Aberdeen Standard Investments’ Pan-European Residential Property Fund has exceeded €1bn (£850m) of committed equity.
ASPER is an open-ended, core fund targeting large purpose-built residential in western Europe. It targets an income return of 3-4% per annum, with a total return of 5-7%.
The fund launched with €355.5m in the first close at the end of Q1 2018, and had expanded to €969.2m from 19 investors at the end of 2020. The most recent close saw a further €280m added from three pension funds in the Netherlands, Germany and Switzerland, this included two existing investors and one new party.
ASPER owns almost 5,000 flats, which have an end value of €1.6bn, in 40 schemes across nine countries. The first UK deal was in 2019, with the acquisition of the 259-home Lionel House in Birmingham city centre (pictured).
The fund has since committed to schemes including Stratford. At March 2021, 9% of the allocated funds were in the UK, with the greatest concentrations of capital in France (20%), Finland (18%) and Austria (18%).
Marc Pamin, fund manager of Aberdeen Standard Pan-European Residential Property Fund, said: “The quality of the portfolio and the secured pipeline represents real diversification opportunities for investors and we are keen to build upon this in the future.
“Demand for residential real estate across Europe’s major cities is increasing exponentially. The sector is rising to the challenge of developing a new kind of post-pandemic living space to meet the changing needs of a growing population. We believe this represents great opportunities for investors.”
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