Aberdeen kicks off £500m private rental plan
The 166 unit, 26 storey private residential tower, which overlooks the capital’s Olympic Park, is at 180 Stratford High Street.
The property is being acquired on behalf of the Aberdeen Property Trust.
Gerry Ferguson, fund manager at the Aberdeen Property Trust, said: “This is the fund’s 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 which has been one of the hallmarks of the trust over the 10 years which we’ve been managing it and we anticipate adding more high quality private rented properties in the future.”
Currently Aberdeen manages around £1.2bn in residential assets across the UK. About half of these properties are under development – and will represent around 7000 units once complete.
The purchase of 180 Stratford High Street takes the number of private rented residential units overseen by Aberdeen in the UK to nearly 500.
It follows the recent purchase of Devell House, a 51 unit residential tower in Manchester, which was completed earlier in the year.
Ed Crockett, Aberdeen’s property fund manager, said: “This 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.
“The city’s 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.”
He added: “Long-term asset managers like Aberdeen are ideal landlords for private residential tenants.
“They bring the full weight of their experience managing real estates assets to bear on the growing private residential sector and combine it with the professionalism which our own clients demand.”