Published 7 September 2018
Scottish investment manager Aberdeen Standard Investments Ltd has lifted its stake in 2 NZX-listed companies controlled by the Hong Leong Group of Singapore – to 13.24% for its stake in Millennium & Copthorne Hotels NZ Ltd and 8.38% in CDL Investments NZ Ltd.
Aberdeen Standard previously held 12.9% of hotel owner & operator Millennium & Copthorne and 7.45% of residential property developer CDL.
The increases are disclosed in advice of a name change for Aberdeen Standard’s Asia subsidiary. Aberdeen Standard itself is the result of a merger last year between Aberdeen Asset Managers plc, headquartered in Aberdeen, and Standard Life Investments plc, of Edinburgh.
Millennium & Copthorne Hotels NZ Ltd is a 75.78%-owned (last year 75.2%) subsidiary of Millennium & Copthorne Hotels plc in the UK and CDL is 75.8% owned by Millennium & Copthorne Hotels NZ. The ultimate parent company is Hong Leong Investment Holdings Pte Ltd in Singapore, with 70.2% ownership.
In other Aberdeen Standard news this week, the investment manager said it had agreed 2 deals for its Pan-European Residential Property Fund for a total investment of €120 million. Aberdeen Standard launched the fund in March after raising an initial €355 million, and now has a portfolio of 610 apartments in operation or being developed in Denmark, Austria & France.
Aberdeen Standard had total investments of €629.9 billion at 30 June.
Attribution: Aberdeen Standard releases.