Aberdeen confirms talks to sell API to British Land

Aberdeen Asset Management PLC has confirmed it is in talks to sell Aberdeen Property Investors, its property portfolio, to British Land Co PLC. 'Aberdeen is currently in detailed discussions with British Land in relation to a number of alternative structures for the sale of the whole or part of API,' the UK fund manager said.

It failed to give any guidance on the valuation of the business.

It cautioned that a binding agreement has not been reached and there is 'no certainty' that such an arrangement will be entered into.

Analysts estimated that the business could be valued between 70 mln and 90 mln stg.

Aberdeen Asset Management originally planned to list API. However, it was forced to sell the business instead to raise extra cash to pay off debts after its share price collapsed in the wake of the split-capital trust scandal.

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