Property fund manager Cordea Savills has launched a closed-end German retail fund, which has raised more than EUR 190 with insitutional investors in its second close. Based in Luxembourg, the fund aims to achieve returns of 10% and an annual profit distribution of 5%, Cordea Savills said. It has a life of 10 years. Further closings are foreseen for 2007 and 2008.
Property fund manager Cordea Savills has launched a closed-end German retail fund, which has raised more than EUR 190 with insitutional investors in its second close. Based in Luxembourg, the fund aims to achieve returns of 10% and an annual profit distribution of 5%, Cordea Savills said. It has a life of 10 years. Further closings are foreseen for 2007 and 2008.
The fund started up with a portfolio of around EUR 230 mln. Assets include big regional shopping centres, discount markets, city centre retail premises and DIY stores. The acquisition of further assets worth around EUR 200 mln is being considered.
