30th May 2008 17:03
Aberdeen Asset Management PLC
Completion of acquisition of Goodman Property Investors
Aberdeen Asset Management PLC ("Aberdeen") is pleased to announce that its wholly-owned subsidiary, Aberdeen Property Investors Holding AB ("API") has completed the acquisition of Goodman Property Investors ("GPI") from Goodman Group and that the transfer of the business will be effective at close of business today, 30 May 2008.
Aberdeen has paid a cash consideration of £89 million plus an amount of £8.4 million which is linked to the value of GPI's net assets at completion. In addition, API will pay a deferred consideration of up to £12.5 million, dependent on GPI's assets under management ("AuM") flows over the next 24 months. GPI is one of the largest property fund managers in the UK with AuM in excess of £7 billion as at 31 March 2008. The acquisition increases API's AuM to approximately £24 billion, transforming API into the second largest property investment manager in the UK and a top 10 global player (based on AuM).
Details of the key benefits of the acquisition, which is expected to be earnings enhancing in the first full year of ownership, were included in the RNS announcement issued on 6 May 2008.
For further information, please contact:
|
Maitland |
020 7379 5151 |
|
Neil Bennett |
07900 000 777 |
|
Charlotte Walsh |
07813 889 660 |
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