Aberdeen Asset Management has sold a flagship retail and office building in London for £124million as it eases a post-Brexit run on its property fund.
The firm sold the Oxford Street property, occupied by retailer Boots, to Norges Bank Investment Management, which handles Norway’s £658billion sovereign wealth fund.
Last week Aberdeen lifted a week-long suspension from trading in its property fund. The firm was was one of seven property funds worth around £18billion to suspend dealings last week as investors attempted to take money out of the UK property market.
The property, 355-361 Oxford Street, known as Sedley Place, was held by the firm’s Aberdeen UK Property Fund.
Gerry Ferguson, Aberdeen’s head of UK property pooled funds, said the sale was one of a “limited number” the group planned to make.
“Following a period of higher than normal redemptions from the fund after the EU referendum result and the suspension of other funds’ trading, the fund is now seeking to rebuild its liquidity position”, he said.
“A limited number of properties are being marketed and we will seek the highest prices achievable for our investors as is our normal practice.”
AAM sells London flagship Boots building for £124million
