Aberdeen Asset Management has acquired The Hub, an 84 unit residential development in Harrow on the Hill, noth west London, as part of a move to commit £500 million to UK private residential property over the next five years.

“The development’s location in an improving suburb of London, its high quality and configuration make it a good fit for Aberdeen’s growing UK residential portfolio,” said Aberdeen in a statement.

The Hub is located adjacent to Harrow on the Hill underground and overground train stations and is close to the suburb’s shops and other amenities.

The development was purpose-built for rental.

Aberdeen Asset Management fund manager Ed Crockett said: “There’s enormous potential in the UK’s private rented sector because of the significant historical undersupply of new homes being built.

“But tenants expect, and deserve, professional landlords managing decent properties that are good value and in places where they want to live.

“We’ve got a lot of experience of providing this kind of accommodation in Europe and are now bringing that to bear here in the UK.”

The Hub consists of six studio flats, 36 one bedroom apartments, 42 two bed units, a 1,000 square foot gymnasium, Tesco convenience store and 84 car parking spaces.

Aberdeen is the second largest residential largest residential property fund manager in Europe, managing nearly 5 billion euros of assets.