Fidelity International has raised over €150 mln for its Eurozone Select Real Estate Fund since the start of the year, the company has announced.
With interest coming largely from European institutional investors, commitments received have already been allocated with Fidelity International on five assets totalling €129 mln.
These include two DIY retail stores in Germany, a logistics asset in Greater Paris and in Germany.
'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. 'Appetite has primarily come from France, Ireland and Germany.'
Acquisition yields have been in the range of 6% to 7% reflecting the fund’s current preference for targeting high quality assets in non-prime markets across Germany, France and Benelux. the company said.
A further capital raising is planned for Q4 2017.
Earlier this month, the fund won the MSCI award for best performing Pan-European Core Real Estate Fund over the last 3 years to 31 December 2016.
The Fidelity Eurozone Select Real Estate Fund is Fidelity’s flagship real estate fund for institutional investors, investing in core Eurozone markets with a bias toward actively managed income opportunities.
