Aberdeen Property Investors to be floated

Aberdeen Property Investors´ (´API´) parent company Aberdeen Asset Management PLC (Aberdeen) has announced today its intention to float API on the main market of the London Stock Exchange. The flotation, subject to various consents, to Aberdeen´s shareholders´ approval and market conditions, is planned to take place within the first half of 2003. It is intended Aberdeen will retain a significant minority shareholding in API.

API, currently a profitable stand-alone business within Aberdeen, has grown organically and by acquisition to become one of Europe´s largest real estate investment managers with assets under management of £6.0 billion. It has a strong presence in the UK and European property markets with assets split geographically between the UK, Continental Europe and the Nordic Region.

The company is particularly distinguished by its independence of any competing property or business interests and by the fact that its client base is entirely third party. Furthermore it has a unique range of direct, indirect and derivative property products and its innovative approach has led to it being voted UK Property Fund Manager of the Year 2002 at a recent Industry Awards Ceremony.

HSBC Investment Bank plc will advise in connection with the proposed flotation.

Martin Gilbert, Chief Executive of Aberdeen commented, 'A strategic review of our business has concluded that in order to allow API to expand and to achieve its full potential, a flotation is the right solution'.

Iain Reid, Chief Executive of API said 'API with the support of Aberdeen, has quadrupled in size over the past two years and now serves 44 institutional separate account clients portfolios and some 22 additional institutional investors in a series of specialist closed end vehicles. In order to continue to grow while meeting fully the expectations and requirements of our clients, flotation is clearly the natural next step'.

(source: Aberdeen Property Investors)

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