Aberdeen set for £500m UK spree

Aberdeen Property Investors has been allocated £500m from its segregated UK direct property clients to buy UK property.The house is the latest to turn bullish on the market.

API UK managing director John O’Connor said the cash was on top of £250m of property acquired for clients in the past three months and that all its clients had money to place. “Competitive bidding and lack of stock is likely to continue to drive values up in the short term,” he added. “This should result in a very strong level of projected performance in 2010, despite rents still falling.”