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Aberdeen Standard European residential fund reaches two deals worth €125M

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Aberdeen Standard European residential fund reaches two deals worth €125M

Aberdeen Standard Investments' European fund will spend €125 million in two deals in Austria and Denmark, with the transactions expected to close in the current quarter, IPE Real Assets reported.

The Aberdeen Standard Pan-European Residential Property Fund agreed to acquire two phases of the Das Ensemble development in Austria, and a 10,529-square-meter residential complex on Teglholmen in the South Harbour district of Copenhagen.

The Austrian development will include 244 apartments and is slated to be completed in early 2020, while the property in Copenhagen comprises 105 apartments on seven floors and has two commercial units, the report said.

The fund aims to have gross assets of over €1.50 billion by the end of the third quarter of this year, when it expects to complete its second close, the report added.