Franklin Templeton’s first real estate-oriented social impact infrastructure fund in Europe has expanded its portfolio with the acquisition of six further assets.
The Franklin Templeton Social Infrastructure Fund (FTSIF) has acquired a university complex in Aachen, a school in Stockholm, a hospital in Venice, a healthcare centre in Brighton, a portfolio of two nursing home facilities in London and a hospital in Copenhagen for an undisclosed sum.
In January this year, the fund made its first investments with the acquisition of a justice courthouse in Madrid, a medical clinic in London, and an elderly care facility in a suburb of Milan.
Managed by Franklin Real Asset Advisors (FRAA), FTSIF fund now has a total of nine assets worth more than €200m.
The open-ended FTSIF raised €158.4m during its initial closing last year.
The manager said the investment team has a pipeline of over €500m investments across Europe and expects to transact on several additional assets in the second half of 2019.
Raymond Jacobs, managing director and portfolio manager of the fund, said: “Investment in social infrastructure offers an opportunity to pursue a dual objective, namely, to generate market financial returns as well as providing a positive social and environmental impact in the wider community.
”While access to social services across Europe is essential for economic growth and prosperity, not enough is being done to build and adequately maintain the requisite facilities. Through investing in social infrastructure, investors can add much-needed private capital to boost and protect the social services being provided to communities.”
Riccardo Abello, director and portfolio manager for FRAA said: “We are delighted with the progress Franklin Templeton Social Infrastructure Fund has made since its launch in July 2018. We have acquired nine assets for the fund’s diversified portfolio for a total value exceeding €200m.
”We have a solid pipeline of over €500m investments across Europe and expect to announce new asset purchases later this year.”
