Aviva Investors, the global asset management business of Aviva, has launched the Aviva Investors Continental European Long Lease Strategy Fund (CELLS).
According to Aviva, a successful first close with €105 mln from two insurance investors was secured in April. The fund's portfolio will consist of continental European properties with an initial focus on office, retail and alternative sectors in Germany, Austria, Benelux and Scandinavia.
'The launch of CELLS represents a further evolution in our outcome-oriented investment solutions offering, building on our pensions and insurance heritage,' commented Ed Casal, chief executive, Global Real Estate.
Added Casal: 'We believe that a defensive cash flow-focused strategy such as CELLS can assist our investors in meeting their cash flow matching requirements.'
The assets will be long-leased to high quality tenants with remaining lease terms of typically at least 15 years. The fund will be overseen by Gil Bar, managing director, Germany and Martin Zdravkov, interim fund manager.
'As the long-term trend of low interest rates continues, we expect income-focused investors to look to CELLS as a viable solution for accessing attractive yields,' concluded Bar.
