Aberdeen buys into Rockspring Euro RE fund

The Rockspring Pan European Property Fund invested in Portugal-based shopping centres RioSul and SerraShopping.

Aberdeen Management Services has purchased a stake in The Rockspring PanEuropean Property Fund, UK regulatory filings disclosed.

Aberdeen funded the acquisition using its Aberdeen European Secondaries Property Fund of Funds, which closed on €300 million last July. The fund was oversubscribed and was already 38 percent deployed in eight investments with exposure to more than 200 properties.

A spokesperson from Aberdeen did not return a request for comment by press time.

The Rockspring PanEuropean Property Fund is an open-ended property fund that initially launched in 1973. The fund currently manages €653 million, according to PEI’s Research and Analytics division.

Limited partners in the fund include the West Midlands Pension Fund and the Irish National Pensions Reserve Fund.

The fund focuses on core real estate properties and has invested in Portugal-based shopping and leisure centres RioSul Shopping and SerraShopping, which were acquired from international retail centre company Sonae Sierra for an undisclosed sum in 2006.

Rockspring was unavailable to comment.

Aberdeen purchased the stake from two Finland-based companies, ELO Mutual Pension Insurance Company and LocalTapiola Mutual Life Insurance Company. ELO was established in early January 2014 as the product of the merger between LocalTapiola and Pension Fennia. It also operates in partnership with another Finnish insurance company, Turva. LocalTapiola’s private real estate commitments have been transferred to ELO, but it is unclear why both parties sold Rockspring stakes.

A spokesperson from ELO did not return a request for comment.