Fidelity International has raised €111 mln for its Fidelity Eurozone Select Real Estate Fund in just 12 weeks, the company has announced.
'Fidelity's focus on high-quality income from institutional grade real estate in the core Eurozone markets has resonated with investors seeking alternatives sources of investment grade income,' commented Neil Cable, head of real estate at Fidelity International.
'Post Brexit, investors have also seen the merits of a core Eurozone strategy with Fidelity's fund being one of the very few core open-ended funds offering nil exposure to the UK and peripheral Europe,' he added.
Institutions across Europe including France, Germany, Ireland and Switzerland have been the primary funders, according to Fidelity, which will now embark on its next round of capital raising with a target close in Q2 2017. Investor demand is expected to come from Europe but also Asia-Pacific and Australia.
'Fidelity operates a “bottom up” approach to stock picking where we analyse every property on its individual merits. We look forward to seeking out further opportunities for our clients,' concluded Cable.
The Fidelity Eurozone Select Real Estate Fund, Fidelity’s flagship real estate fund, has returned 9.2% per annum over the past five years, with an outperformance of 5.6% per annum against the INREV Continental Europe Funds Index, according to the firm.
