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Aberdeen ends move to sell property arm

Aberdeen Asset Management&#39s property division has been withdrawn from sale, with the company snubbing bids as new business streams continue to grow.

AAM says Aberdeen Property Investors is no longer up for grabs after previous bids, some as low as £45m, were rejected. The latest bid was believed to have been tabled last December by property services group Teesland. API was expected to fetch around £130m when it was first put on the market last year but AAM privately admitted that price was unrealistic, saying it hoped to attract bids of over £80m.

An AAM spokesman says: “We are continuing to get new business and it is not really up for sale. There have been bids but we are not in any kind of process.”

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