DTZ Investment Management is launching a European property fund of funds targeting real estate value-added strategies in core and emerging pan-European markets. Aurora Europe Property Fund will aim to deliver an annual net return to investors of 8%-10%.

DTZ Investment Management is launching a European property fund of funds targeting real estate value-added strategies in core and emerging pan-European markets. Aurora Europe Property Fund will aim to deliver an annual net return to investors of 8%-10%.

The fund, which will have its first closing in March, will include a seed portfolio transferred from the John Lewis Partnership Pensions Trust and Kent County Council Superannuation fund. The five initial investments of about EUR 40 mln in specialist funds provide exposure to central and eastern Europe and the Nordic region, as well as selected locations in western and southern Europe. A further four investment opportunities for a combined value of EUR 200 mln are currently being considered.

'DTZ IM's strategy and rationale is to target particular markets, sectors and fund management strategies rather than to provide investors with a means of buying Europe,' said fund manager Paul Parker.