abrdn expands residential real estate portfolio with new acquisitions in Europe05 December 2023
abrdn has continued to increase its investment in the residential real estate sector with the acquisition of two new assets in France and Belgium. Purchased on behalf of investors in the abrdn Pan-European Residential Property Fund (APER, “the Fund”) the assets are in prime locations.
- residential asset in Villeneuve-Loubet, near Nice
- This senior residence asset comprises of 93 apartments (4,250sqm), and is located by the beach (Plage Des Maurettes)
- The acquired asset is part of a mixed-used project, which includes 2,078sqm of communal areas including a restaurant, swimming pool and a gym, as well as two retail units (3,000sqm) on the ground floor.
Ten Boomgaard in Bruges,Belgium
- The asset is the first investment of the fund in Belgium,
- Located in Bruges with its UNESCO-listed historic town centre – the asset is within close proximity to a number of parks, including the 144 hectare Tillegem forest
- Close to Bruges City Centre
- The 8,204sqm project included the development of senior residence homes (113 apartments), as well as communal areas including a restaurant, swimming pool, and a gym
- Fully let to the French group Domitys on a fix 20-year triple net lease contract. Domitys is the largest French senior residence provider, managing more than 100 serviced residences across France and Belgium
Marc Pamin, Fund Manager and CEO of Living at abrdn, said:
“We’re delighted to have acquired these assets, providing further diversification to the 5-star GRESB rated abrdn pan-European residential property fund, which now has 49 assets in 30 cities across 10 countries. Demand continues to rise for good quality housing in key European cities. The acquisition of these assets demonstrates that there’s some exciting opportunities for investors.”
Media Relations Manager, abrdn
Notes to Editors
About the Fund
The abrdn Pan European Residential Property Fund (aPER) is one of the leading pan European residential funds in the market and pursues a core strategy that focuses on achieving strong, defensive returns from the western European residential sector. The fund reduces risk through its unrivalled diversification and very low leverage (c. 12%). Since its inception in 2018 the fund has grown to a size of c.€1.8bn, offering inflation-linked rental income across 49 assets, 30 cities, and 10 different countries. Its outstanding 5-star GRESB rating in combination with a very young portfolio age, 80% of which was being built since 2018 and onwards, positions the fund to stay fit for the future.
With ESG principles at its core, the fund follows a bespoke ‘Triple A Approach’ - capturing assets that provide Accessibility, Amenity and Affordability for occupiers. This has led to a portfolio composition of large, high quality, very well connected, sustainably constructed, purpose-built residential assets. The strategy has led the fund into achieving a 5-star GRESB rating in 2023, with a score of 89/100 compared to the peer average of 71.
- abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors.
- abrdn manages and administers £496bn of assets for clients (as at 30 June 2023).
- Our strategy is to deliver client-led growth. We are structured around three businesses – Investments, Adviser and Personal – focused on their changing needs.
- The capabilities in our Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
- Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.
- As at 30 June 2023, our Investments business manages £368bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.
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