EUROPE – The Pan-European Real Estate Fund of Funds is now 65% invested and still open for UK institutions, says investment adviser OPC, Oxford Property Consultants.

OPC said the euro-denominated PREFF is the first core/core-plus real estate fund of funds to be successfully launched in Europe.

The targets an absolute return of 10% by investing in a portfolio of mainly unlisted “best-of-breed” European property funds.

The fund is structured as a 10-year closed-end fund, which mirrors the structure of the majority of the underlying funds, OPC said.

Some $70m (euro) was raised by fund sponsor Atrium Investimentos, from a group of Southern European institutional investors which included the Portuguese Social Security Fund.

“The fund is now being offered more widely, including to UK investors with the objective of raising up to €250m before the final close in May 2006,” OPC added.

“Continental European property currently offers very good value relative to the UK, which is now looking fully priced,” said Jeremy Plummer, managing director of OPC’s indirect investment business.

“PREFF provides the ideal first investment for a UK institution seeking a well-diversified Continental European exposure.”