Aberdeen Standard Investments has offloaded the biggest asset in its property fund following a spike in investor redemptions.
The asset management giant has sold The Moor shopping centre in Sheffield to New River real estate investment trust, after putting it on the market with an £89.4m price tag.
The shopping centre accounts for seven per cent of the £1.3bn Aberdeen UK Property Fund, according to Property Week.
The Moor, which houses retailers including Primark, Debenhams, Dorothy Perkins and H&M, reportedly generates around £7m each year in rent.
Last week, outflows from the from Aberdeen Standard’s fund spiked after investors were spooked following the suspension of rival manager M&G’s Property Portfolio,
M&G was forced to suspend trading in its £2.5bn property fund after investors rushed to withdraw money.
The asset management giant said the Property Portfolio had seen a surge in outflows and blamed political uncertainty for making it difficult to sell commercial property.
Funds that invest in illiquid assets but can be traded on a daily basis have come under pressure in recent months.
The deal is the latest in a string of acquisitions for New River. Last month the landlord bought a retail park in Northern Ireland for £40m, and recently acquired another retail park in Pool.
New River has also bought sites in Aberdeen, Inverness, Dundee and the Isle of Wight in a joint venture with Bravo.
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