Aberdeen Asset Management has launched a German residential property fund for institutional investors. The fund, Städte und Wohnen, has raised initial seed capital of €115 million. Over the coming years, the fund plans to invest around €1 billion, gross.

The fund’s lead manager is Daniel Dreyer. Its initial portfolio consists of four properties in Berlin, Frankfurt, Hamburg and Karlsruhe comprising a total of 350 rental units that are virtually fully let. Städte und Wohnen has also acquired a new property with some 120 rental units in Heidelberg. In addition, the contract for the phase of a residential property project in Munich comprising more than 100 apartments has been signed. Completion of this project is scheduled for the end of 2012.