Aberdeen Standard Investments, a European real estate investment manager, has launched European Residential Property Fund. The fund is supported by cornerstone investor Pensioenfonds Metaal en Techniek (PMT) and its fiduciary manager, MN.
The fund has initial investments in excess of €350 million ($431 million), which have been received from eight investors in The Netherlands, Switzerland and Luxembourg.
The fund is the first open-ended property fund of its kind to invest in the residential sector on a pan-European basis and will focus on the “private rented sector” (PRS), taking advantage of low supply and high demand for quality rented residential property in Europe’s leading cities. The fund plans to raise more than €1 billion ($1.23 billion) over the next five years.
The team will buy existing private rental housing blocks and forward-fund the development of new stock. While PRS is the priority, 25 percent of the total portfolio can be invested in
