Aberdeen Asset Management will take its first steps into European real estate with the acquisition of Sweden's Celexa Group from Alecta, a Swedish mutual pension and life insurer.

Aberdeen is set to buy Celexa from Alecta, formerly SPP, for £16.5m (€26.9m). Aberdeen has made its European ambitions clear and is still in talks with Scottish property company, RREEF, which is owned by the Dutch financial services provider Robeco.