Aberdeen Asset Management has bought Goodman Property Investors from the Goodman Group for £89m to boost its UK platform.
The deal will almost double Aberdeen’s assets under management to around €30 billion (£24 billion), transforming it into the second largest property investment manager in the UK and a top 10 global firm.
Aberdeen said that it bought Goodman Property Investors – which has 93% of its assets under management in UK property – to give it ‘significant critical mass in the important UK market.’
The UK currently accounts for only a small proportion of the investments of Aberdeen’s property arm, Aberdeen Property Investors.
UK strength
Rickard Backlund, chief executive officer of Aberdeen Property Investors, said: ‘A significant UK platform was the missing piece in Aberdeen Property Investors’ European business. In Goodman Property Investors we are getting a highly regarded management team and a complementary range of products we can grow. The deal also strengthens our presence in Asia; a region which is likely to attract increased interest from investors looking to diversify their property portfolios.’
Goodman Property Investors will change its name to Aberdeen Property Investors on completion of the deal.
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