British Land to buy API for half the original price

British Land is reportedly on the verge of acquiring Aberdeen Property Investors, the real estate arm of Aberdeen Asset Management, for less than £45m - half the price previously mooted.

The price has dropped from over £85m because British Land will only be buying Aberdeen´s UK and continental European businesses, not API´s Nordic operation. The Nordic division´s investors are understood to have wanted it to remain independent.

An agreement could be reached as early as the end of the week. The two parties will today begin negotiating compensation packages for Aberdeen´s top property executives.

API currently manages assets worth £4.5bn. Major assets include St Mary Axe House, London EC3; Alton House on High Holborn, WC2; Lion Yard Shopping Centre in Cambridge and the Whitgift Centre in Croydon.

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