Aberdeen Standard Investments (ASI) has bought Hong Kong-based real estate investment management firm Orion Partners for an undisclosed sum.

The deal is said to add to ASI’s $56.3bn global real estate portfolio.

ASI head of Asia Pacific Hugh Young said that Asian real estate provides attractive risk-adjusted returns for those investors who are looking for diversification.

According to Young, the takeover is an opportunity to strengthen its regional real estate footprint.

ASI head of real estate Asia Pacific and global head of real estate multi-manager Kang Puay Ju said: “The addition of the on-the-ground direct real estate teams in Japan, Korea, Hong Kong, and Singapore will deepen our local insights and broaden our product suite across the region.”

Established in 2000, Orion Partners oversees around $900m of direct real estate investments for international institutional investors in Asia.

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Apart from Hong Kong, the firm has branches in Tokyo, Seoul and Singapore.

In 2016, BNP Paribas Capital Partners purchased a minority stake in the business.

ASI has made several acquisitions recently.

In April 2018, ASI purchased the US unit of specialist commodity exchange traded product (ETP) provider ETF Securities.

Earlier last year, ASI announced the acquisition of a 50% stake in Virgin Money Unit Trust Managers.