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Aberdeen Asset Management signals growth intentions in PRS sector

Aberdeen Asset Management has completed one of the largest ever single purchases of existing stock in the private rental sector (PRS) in the UK with the acquisition of 180 Stratford High Street for around £60m. The firm has also announced its intention to grow its residential assets in the UK by £500m over the next five years.

180 Stratford High Street is a 166 unit, 26-storey building overlooking the Olympic Park in Stratford, London. The location has benefited from significant improvements in services since the 2012 Olympic Games kick started massive regeneration in the area including extensive new transport, retail and public services.

At the time of the purchase, Aberdeen already managed around £1.2bn in residential assets outside the UK and about half of the residential properties managed are currently under development and will represent around 7,000 units once complete. At the end of 2014 the firm stated that it also manages around £20bn in real estate assets globally.

The purchase of 180 Stratford High Street takes the number of private rented residential units overseen by Aberdeen in the UK to nearly 500.

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