Franklin Templeton’s first European real estate-oriented social infrastructure fund has so far invested more than €270m of its capital.
The open-ended Franklin Templeton Social Infrastructure Fund (FTSIF), launched in July 2018, has recently acquired three assets, taking the fund’s total portfolio assets to 12.
The new assets include a school in London, a portfolio of 40 affordable housing properties in Cambridge and a hospital in Venice, the manager said.
The FTSIF fund – managed by Franklin Real Asset Advisors (FRAA) – has a €650m acquisition pipeline and expect to announce further assets in this year.
The fund made its first investments in January last year with the acquisition of a justice courthouse in Madrid, a medical clinic in London, and an elderly care facility in a suburb of Milan. Later, in July, it added six more assets to the portfolio.
Raymond Jacobs, FRAA managing director and portfolio manager of the fund, said: “We are pleased with the progress of the Franklin Templeton Social Infrastructure Fund since its launch in July 2018.
“The Fund’s dual return objective of delivering a market core real estate return together with a social and environmental impact has found great interest from a wide variety of investors.”
Riccardo Abello, director and portfolio manager for FRAA, said: “We are delighted with the high quality of the properties acquired by the Fund and the speed at which we are deploying our investors’ capital.
“We now have 12 assets in the fund’s diversified portfolio with a total value exceeding €270m and plan to enter new countries and invest in new sectors.
“We’re finding many opportunities to directly increase the quantity and quality of social infrastructure and have a solid pipeline of over €650m investments across Europe.”