Aberdeen Asset Management has bought a 26-storey residential tower overlooking the Olympic Park in London as it continues with its plans to invest 拢500m (鈧�702m) private-rented housing in the UK.
The acquisition of 180 Stratford High Street for 拢60m, takes its portfolio to 拢110m, following an earlier acquisition of a residential tower Devell House in Manchester.
Aberdeen announced its plans to move into the emerging institutional sector last year. The company already manages 拢1.2bn in residential assets outside the UK, half of which are under development.
Institutional asset manager Long Harbour sold the 166-unit tower in Stratford, London to the Aberdeen Property Trust.
The fund鈥檚 manager Gerry Ferguson said: 鈥淭his is the fund鈥檚 largest investment into the private-rented sector and it will provide a strong sustainable income stream to the fund. It also helps with further risk reduction.鈥�
Ed Crockett, property fund manager at Aberdeen, said: 鈥淭his purchase is part of a wider commitment which Aberdeen has to the private rental sector. The property is in one of the most vibrant and affordable locations in London.
鈥淭he city鈥檚 population is growing at a rate most would associate more with an emerging market than a developed one, which is one reason that private residential units are an attractive investment for us.
鈥淟ong-term asset managers like Aberdeen are ideal landlords for private residential tenants.鈥�
