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Aberdeen bets on an upturn with £98m buy
06.05.08
Aberdeen Asset Management's combative chief executive Martin Gilbert is calling a turn in the UK property market with the £98 million acquisition of Goodman Property Investors.
The deal, funded by a £95 million placing of shares today, will make AAM Britain's second-largest property fund manager group.
"I think people have been overly pessimistic about the UK property market," said Gilbert. "Though there may, at worst, be falls of another 15% in the UK property market, we believe the fundamental difference to previous cycles is that interest rates are low. We believe it is a good time to be investing."
