The fund, which is managed by Aberdeen’s subsidiary API Indirect Investment Management (API IIM), was launched in February 2005 with €161.5 million of equity commitments. Lead investors included Folksam, Nordea Life & Pension and The State Pensions Fund in Finland.
Anders Åström, Managing Director of API IIM said, “since our first closing, we have raised another €462 million in three additional closings bringing the total volume to €623.5 million, which is well above our initial target of €400 million. In order to keep the size of the fund at an appropriate level given the fund’s investment period, we were unable to accommodate all of the investors that wanted to subscribe in the final closing.”
Tomas Otterud, Director of API IIM, said, “We are delighted to have received such strong interest with commitments from 27 institutional investors from Portugal, The Netherlands, Switzerland, Denmark, Finland, Norway and Sweden.”
“We are well underway to building a portfolio of outstanding property fund investments. We have already invested in five funds and are presently evaluating a number of other opportunities where we see interesting investments and strong management teams,” Mr. Otterud continued.
AIPP, which is structured as a Luxembourg FCP, will invest primarily in value-added funds, i.e. funds that both provide a stable income return and offer potential for capital growth, but will also invest in core and opportunistic vehicles. The aim is to achieve an annualized net IRR of 10-14%, with an annual dividend yield in excess of 5% p.a.
“AIPP’s attractive portfolio of fund investments in a structure that fits a wide investor base and API IIM’s proven track record of indirect investments in Europe are two of the main reasons behind the fund’s success,” said Mr. Åström.
Macquarie Capital Partners Limited acted as API IIM’s financial advisor for countries outside the Nordic region.
For more information, please contact
Anders Åström, Managing Director, Indirect Investment Management
Tel: +46 8 412 80 65, mobile: +46 70 522 12 20,
e-mail: anders.astrom@aberdeenpropertyinvestors.com
Tomas Otterud, Director, Indirect Investment Management
Tel: +46 8 412 86 40, mobile: +46 70 224 01 81,
e-mail: tomas.otterud@aberdeenpropertyinvestors.com
Ubbe Strihagen, International Director
Tel: +46 70 520 33 80
Charlotte Barker / Tom Siveyer
Maitland
Tel: +44 207 379 5151