Aberdeen to Float Property Asset management Business

LONDON-AMP, the troubled Australian financial services group, is to float off its London-based property asset management business Aberdeen Property Investors. In recent years API has become a profitable stand-alone business within Aberdeen under the leadership of Chief Executive Iain Reid.

API has grown organically and by acquisition to become one of Europe’s largest real estate investment managers with £6.0 billion ($9.4 billion) of assets under management of. It has a strong presence in the UK and European property markets with assets split geographically between the UK, Continental Europe and the Nordic Region.

Reid said “API with the support of Aberdeen, has quadrupled in size over the past two years. In order to continue to grow while meeting fully the expectations and requirements of our clients, flotation is clearly the natural next step”.