Aberdeen Property Investors Indirect Investment Management (API IIM), part of Aberdeen Asset Management PLC's property division, has won a second separate account mandate from the Third Swedish National Pension Fund (AP3) for approximately €250 million.
AP3 has awarded API IIM the mandate to assist the fund in building an Asian property funds portfolio. The objective is to create a well diversified portfolio over a four year period, generating a good risk adjusted return. During this period, AP3 is expected to invest approximately €250 million in about 10 different funds with the assistance of API IIM.
This is API IIM's second mandate win from AP3. In December 2006 API IIM announced it had won the mandate to create a European funds portfolio of equivalent size for AP3.
Anders Åström, Managing Director of API IIM, commented: "We are very pleased that AP3 has chosen to extend our existing agreement to Asia. This is an acknowledgement of the strong platform we have built in Asia over the past 18 months.
"The unlisted property market in Asia is rapidly expanding with a large number of well established local and international fund managers raising new funds. By entering this market now AP3 should achieve good returns while at the same time diversifying its international property portfolio."
Bo Ljunglöf, Director responsible for API IIM's Asian activities, added: "Together with our recently launched Asian fund of funds, AIPP Asia, which is expected to complete its fund raising by the second quarter of this year, this mandate win strengthens our position in the Asian property market. With more funds under management, our possibilities of sourcing attractive investments opportunities will increase further."