Property fund manager Cordea Savills is launching the Pan European Property Fund, with lender Mediobanca acting as sole underwriter. The fund's placing, which will close on March 30, 2007, is aimed exclusively at qualified investors in Italy.
Property fund manager Cordea Savills is launching the Pan European Property Fund, with lender Mediobanca acting as sole underwriter. The fund's placing, which will close on March 30, 2007, is aimed exclusively at qualified investors in Italy.
Gerardo Solaro dal Borgo of Cordea Savills said the product allows it to offer a fund that invests primarily overseas to institutional investors currently exposed to the Italian market. The fund focuses 'mainly on the UK, Germany, France, Spain, and the Nordic countries' and it will initially own some EUR 150 mln of assets. The minimum subscription has been set at EUR 500,000. The fund, which has maturity period of 8 years, will invest in different property market segments (logistics, retail and offices). The targeted yield is equivalent to European inflation plus 4%, the company said in a press release.
Cordea Savills is currently in talks to invest in a 6,972 m2 office building in Rotterdam, the Netherlands, a 27,997 m2 shopping centre in Skelleftea, Sweden, and a 14,000 m2 logistics property in Lohne, Germany.