Aberdeen raises £115 million for PRS portfolio

Fund manager Aberdeen Asset Management has raised £115 million from UK pension funds to invest in the private rented sector (PRS). It said that combined assets will be used to buy new or existing developments of residential blocks in the UK.

The portfolio will be run by Ed Crockett, leader of Aberdeen’s UK residential team, who commented: “We see this as an area of real interest for investors, offering a stable, durable income stream with strong demographic pressure driving a fundamental change in the approach to the sector. We are delighted to be able to assist these clients in growing their exposure to this asset class.” Michael Dinsdale, who led the capital raising for the portfolio, added: “This club reflects the growing interest in the PRS sector. We have designed the club after extensive discussions with investors in order to meet their needs for a clear strategy, a simple structure and a cost-effective approach.”