EUROPE - Luxembourg Fund Partners is set to launch a fund focusing on high-tech real estate in central and eastern Europe (CEE).
The Augustan Opportunity Fund Sicav will invest in commercial and technology facilities that service local demand, incorporate "eco-friendliness" and adhere to strict financial criteria.
Its target fund raising is €100m, which will be invested across five projects in developing industrial zones throughout the CEE region.
Luc Leleux, founder of Luxembourg Fund Partners, said the fund would focus on energy-efficient technology, office parks, infrastructure, medical centres and housing replenishment projects.
The fund's first investment will be in Stara Zagora, Bulgaria - eastern Europe's top region for foreign direct investment.
It will focus on acquiring discounted assets that require developing or restructuring, aiming to take advantage of global demand for development projects.
Augustan said investors could expect to see an increase in underlying values of approximately 20% a year during the construction phase and that the region's property market was expected to grow by 5-8% a year.
The fund will be open to direct investment, self-invested personal pensions and institutional investors, offering sterling and euro share classes.
The annual management charge will be 1.5%, while redemption charges will apply up to the fifth year of investment, after 12 months' holding.
The launch date is set for 30 August.