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Aberdeen wins CA$123 million direct real estate portfolio from Danish TDC Pension Fund

TDC Pension Fund received 50% of the acquisition price in shares in an Aberdeen real estate portfolio that invests in Denmark and will become the largest shareholder amongst that fund's existing institutional and professional investors. The remaining 50% will be received in cash.

Tonny Nielsen, Head of Investment Management, Nordic region comments: "Not only are we pleased to welcome TDC Pension Fund as a major shareholder, but even more we are satisfied with the return potential of the fund for all investors."

The acquired portfolio comprises 22 mainly office properties adding approximately 104,000 square meters to the existing 490,000 square meters representing DKr. 665 million (CA$123 million) of assets under management to the Fund. The acquired price reflects an expected long-term net direct yield of 7.4%.

Tonny Nielsen comments further: "We are also pleased that more institutional investors are moving from direct to indirect real estate investments and thereby diversifying their portfolio. Active management is what Aberdeen is all about. Regardless of difficult market conditions, our track record shows that the professional investor can create excess returns by divesting properties to the right property managers."

The majority of rental income is on long-term contracts and stems from the tenant TDC and so the Fund carries an even lower tenant risk. TDC is the leading communication solutions provider in Denmark and listed on the Copenhagen Stock Exchange.

Leif Stidsen, CEO of TDC Pension Fund also comments, "Being a shareholder of a real estate fund instead of a direct owner of a property portfolio makes strategic sense to TDC Pension Fund. This is because we get higher potential returns through Aberdeen's active management while also gaining exposure to a more diversified property portfolio."

About Aberdeen Asset Management

Aberdeen Asset Management PLC, the parent company of Aberdeen Asset Management Inc., is an independently-run asset manager listed on the London Stock Exchange since 1991, and operating from 30 offices in 23 countries. The company invests on behalf of institutional and wholesale clients, primarily in equities, fixed income, alternative investment strategies and property. As of March 31, 2011, the Group had CA$32 billion under management in property across segregated mandates, open-end and closed-end funds, out of CA$282.5 billion in total assets.

Aberdeen Asset Management ("AAM" ) is the marketing name in Canada for Aberdeen Asset Management Inc, Aberdeen Fund Distributors, LLC., and Aberdeen Asset Management Asia Ltd. Aberdeen Asset Management Inc is registered as a Portfolio Manager in the Canadian provinces of Ontario, Nova Scotia and New Brunswick. Aberdeen Asset Management Asia Limited is registered as a Portfolio Manager in Ontario. Aberdeen Fund Distributors, LLC operates as an Exempt Market Dealer in all provinces and territories of Canada. Aberdeen Fund Distributors, LLC is a wholly owned subsidiary of Aberdeen Asset Management Inc. Both Aberdeen Asset Management Inc. and Aberdeen Asset Management Asia Ltd. are wholly owned by Aberdeen Asset Management PLC.

Aberdeen Asset Management Inc.
Mark Lidstone, 416-777-5573
mark.lidstone@aberdeen-asset.com