Avison Young is looking to invest more in European and US real estate for its separate accounts, according to its head of investment.
Investments made in Europe and the US for two Canadian pension funds will increase this year, Avison Young principal Amy Erixon said. The Toronto-based manager will look at office and industrial properties, apartments and mixed-use assets.
Avison intends to buy around 10 properties in either Europe or the US in the $40m-50m (€29-36m) bracket.
Erixon said: “Our areas of interest include places like Germany, the Netherlands, Austria and Switzerland. Another possible country in the future would include Poland.”
In the US, where Avison Young has bought industrial properties in Nashville and Memphis, the investment manager will look to the south and coastal regions of Seattle, Boston and Los Angeles.
The company recently advised two Canadian pension funds on a debut German office purchase at a yield of around 6.5%. Avison Young last month bought UK-based NAI Haywards and opening new offices in London.
Erixon said the purchase provides the funds with diversification and “more attractive risk-adjusted returns than comparable properties in Canada at this point in the market cycle”.