Aberdeen Property Investors has bought German fund manager Degi for €110m (£79.2m).

The subsidiary of Aberdeen Asset Management has entered into an agreement with Degi’s parent Dresdner Bank which includes payment for Degi’s net assets which are around €23m (£16.6m).

Degi has around €6.4bn (£4.7bn) of assets under management in a number of property funds including semi-institutional, open-ended funds for institutional investors, family officers and wealthy private clients.

Aberdeen gets Degi

Following the completion of the deal in April, which will complete following regulatory approval, Degi will be integrated into Aberdeen’s property division, Aberdeen Property Investors which has €13bn (£9.4bn) of assets under management.

Aberdeen said the purchase would broaden its German client base and enhance its position in Germany and increase its assets under management by around 50%.

Martin Gilbert, chief executive of Aberdeen, said: ‘This transaction reinforces our long-term commitment to the German marketplace and strengthens Aberdeen Property Investors’ position…The acquisition continues our strategy of acquiring infill businesses that enhance our product range and geographic reach, and complement the continued strong organic growth of our existing operations’.

Aberdeen was advised by Intelli Corporate Finance