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DIF sells infra direct secondaries portfolio to Aberdeen

Aberdeen bought the portfolio from DIF's maiden fund, which closed on €121m in 2005.

Amsterdam-based fund manager DIF has sold its maiden infrastructure fund in a portfolio sale to Aberdeen Asset Management, according to a statement.

DIF PPP is a 2005-vintage fund that raised €121 million. It was fully invested in 2009 in infrastructure assets across the education, healthcare, leisure, transport and government accommodation sectors. The assets are located across Western Europe – in Denmark, France, Ireland, Netherlands and the UK.

The fund includes 16 PPP assets, several of which were also owned by DIF Infrastructure II. A total of 15 assets are now majority-owned by Aberdeen.

In 2006, the fund financed the construction of Caen Nacre, a medical and surgery centre in Normandy. DIF PPP continues to hold a 90 percent share in the project.

“We have run a competitive auction process, together with our advisers, in which we have ensured all potentially interested parties have had an opportunity to participate,” said Paul Nash, a partner at DIF.

Hogan Lovells provided legal counsel for the sale.

DIF raised two subsequent funds. Fund II launched in 2007 and raised €571 million, surpassing its €500 million target, and DIF III closed on €800 million earlier this year, according to PEI’s Research and Analytics division.

Aberdeen Asset Management bought the portfolio for an undisclosed amount and will manage the assets on behalf of Dutch pension APG.

Aberdeen closed its debut real estate secondaries fund on its €300 million hard-cap in September. Last year, Aberdeen also launched its fifth infrastructure fund, which is still in market, PEI data disclosed.

The firm declined to comment.