Aberdeen Standard Investments has agreed two deals for its Pan-European Residential Property Fund for a total investment of €120m. The fund was launched in March this year after raising an initial €355m, and now has a portfolio of 610 apartments in operation or being developed in Denmark, Austria and France.
The two developments have 260 residential units and eight commercial units – a total combined space of 20,178m² with 278 parking spaces. In Vienna, the fund purchased the ‘Franz Joseph’ project, which is located in the Helmut Zilk Park area near the central train station. In Paris, the Fund has also committed to the development of a new residential housing project in the west of the city, in the Suresnes area. Both sites provide a well-balanced mix of apartment types and sizes in popular central locations, with easy access to public transport and a focus on sustainable energy consumption. The developments will be completed in 2020. These developments will bring the total capital deployed by the fund to €245m, 70% of the initial capital raised.
Marc Pamin, fund manager of the Aberdeen Standard Pan-European Residential Property Fund, said: “Residential property tends to have lower volatility than other asset classes and has the potential to deliver attractive long-term income returns for investors. These two deals are reflective of our strategy of providing high-quality rental homes in prime central locations that meet the needs of tenants and growing housing demand in Europe. The ‘Franz Joseph’ project strengthens our presence in Vienna, whilst the Suresnes development in Paris represents our first investment in the city, which has a strong private rental sector. We will continue to build the portfolio, buying quality, sustainable assets that can deliver stable, long-term income returns for investors.”
