Standard Life Investments enters Asia-Pacific market
Standard Life Investments, one of the largest property fund managers in Europe, announced on May 1 that it has made its first direct investment in the Asia-Pacific property market with the acquisition of a property in Perth, Australia, for A$47 million ($38.9 million).
The property was purchased from Colonial First State Global Asset Management on behalf of Standard Life Investments Select Property Fund and is located in the central business district of Perth. It includes 10 levels of office accommodation and ground floor retail.
Andrew Jackson, manager of the fund, says: "This acquisition represents a further internationalization of the direct property component of the fund." The fund is now worth more than £1.5 billion ($2.97 billion), and it has performed strongly, with the retail accumulation unit price rising 55.6% since launch.