Aberdeen Asset Management has acquired a EUR 90 mln commercial real estate portfolio from Danish pension fund TDC. The 104,000-m2 portfolio will be added to Aberdeen's Property Fund Denmark.

TDC received 50% of the sales price in cash. The other 50% was paid in shares in the fund, making TDC the largest institutional investor in the vehicle.

Aberdeen Fund now comprises 22 office properties totalling 490,000 m2 and valued at EUR 855 mln. The portfolio acquired from TDC will lift the long term net direct yield of the fund to 7.4%, Aberdeen said.

Aberdeen is an independent asset management group, which has been listed on the London Stock Exchange since 1991. In property alone, Aberdeen manages EUR 24 bn of assets in Europe, Asia and North America through property funds and separate account mandates.