Property fund manager Cordea Savills announced the final closing on Monday of its Italian Opportunities II fund. The fund, which targets net returns of 20% per annum, raised over EUR 360 mln of equity from institutional investors in two closings.
Property fund manager Cordea Savills announced the final closing on Monday of its Italian Opportunities II fund. The fund, which targets net returns of 20% per annum, raised over EUR 360 mln of equity from institutional investors in two closings.
Italian Opportunities II was launched in June 2007 and has attracted considerable investment from pension funds and fund of fund managers who want to invest in Italy but have found the market difficult to access. The fund has recently completed EUR 500 mln of property asset deals with a further substantial pipeline of transactions identified.
'We have received significant backing for the second Italian Opportunities fund. Our ability to invest money rapidly into portfolios with the potential to achieve high returns is well recognised. Italian Opportunities II reflects the continued popularity of our strategy of creating market specialist funds for our investors,' said Nick Hayward, director of Institutional Business at Cordea Savills.
Italian Opportunities II is a Luxembourg Fonds d'Investissement Spécialisés (FIS) with an investment life of five years. The sponsor and property investment adviser is Cordea Savills. The maximum leverage is 75% loan-to-value.
