Aberdeen Standard in twin property swoops

Aberdeen Standard Investments has boosted its UK residential holdings after unveiling twin deals worth almost £45 million.

The firm has acquired Lochrin Quay, a 113-unit development in Edinburgh, comprising studios and one-, two- and four-bedroom apartments, which is already 80 per cent occupied. The £27.5m purchase is the second residential acquisition for a £2.3 billion multi-sector portfolio.

Meanwhile, the firm’s UK PRS Opportunities 1 Fund has committed £17.25m for the development of a new 107-unit residential scheme in Leeds.

Ed Crockett, fund manager at Aberdeen Standard Investments, said: “With its secure long-term rental income streams, residential property is a compelling opportunity for investors.

“But product is key. Our experience in Europe shows that what really counts is being able to create homes and communities that people want to live in for decades.”