Aberdeen sells property arm

Professional Adviser
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Group to raise cash by selling off 50%-70% of its property division and streamlining board

Aberdeen Asset Management is to raise cash by floating off the majority of the property division it has spent the past three years building up. At the same time, the group has streamlined its board and set up an executive management committee, following a strategic review. The sale of between 50% and 70% of Aberdeen Property Investors will take place in the first quarter of 2003 and the group hopes to raise in excess of £100m. This will be used to reduce its £250m bank borrowings. Industry sources suggest another group may buy out the division before flotation as it is a profitable st...

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