Aberdeen Asset Management has taken a bullish position on the British property market, with the £110m acquisition of a major property fund manager. Daily Telegraph, Financial Times

The group is to pay about £97.4m for Goodman Property Investors in a move making the combined entity Britain’s second-biggest property fund manager behind Aviva’s Morley.

It will pay the Goodman Group up to £12.5m more in incentives over the next two years relative to the flow of Goodman Property Investors’ assets under management.

The Scottish group is funding the acquisition with a share placing that, on yesterday’s prices, will raise about £95m. The new shares are due to start trading on the stock exchange on Friday.