Financial Services Industry
Industry: Email Alert RSS FeedAberdeen cuts debt by selling property business.
Financial News, April, 2004
Byline: Alistair Graham
Aberdeen Asset Management is cutting its debt by at least [pounds sterling]29m ([euro]43.7m) by selling most of its property investment business for [pounds sterling]50m to Arlington Securities and Arlington Investment Management, the real estate company.Aberdeen Property Investors has been one of the group's more successful operations and represents one quarter of the firm's total gross profits of [pounds sterling]13.3m in the year to the end of last September.
Its cash disposal is part of Aberdeen's efforts to rebuild its ailing business, which has been hit by falling revenues and the firm's involvement in several collapsed split-capital investment trusts.
Other recent deals include Aberdeen's acquisition of...
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