Aberdeen buys back Goodman Property

Aberdeen Asset Management is to become one of the largest property asset managers in the world, after buying back a business it sold less than four years ago for over £100m.

Aberdeen yesterday announced that it had sealed the acquisition of Goodman Property Investors from parent company Goodman Group for £89m up front. The manager will pay a further £8.4m on completion and up to £12.5m over the next 24 months.

GPI is one of the largest property fund managers in the UK, with over £7bn under management at the end of March.

Aberdeen's chief executive, Martin Gilbert, said: "This acquisition will make Aberdeen Britain's second largest property fund manager and a top 10 global player, with some £24bn under management."

Aberdeen sold its UK and continental Europe property investment business to the fund manager Arlington Securities for an undisclosed sum in 2004. Goodman Group bought Arlington in 2005 and decided to sell the property arm last year.