Global investment manager Invesco RE and French fund manager Ciloger plan to raise up to EUR 300mln by the end of 2008 for their first OPCI (Organisme de Placement Collectif Immobilier) for French institutional investors. Simon Redman, head of business development at Invesco RE, told PropertyEU in an interview that the new OPC1 fund, currently in the process of being marketed, will be investing in all kinds of commercial real estate across the Euro-countries.
Global investment manager Invesco RE and French fund manager Ciloger plan to raise up to EUR 300mln by the end of 2008 for their first OPCI (Organisme de Placement Collectif Immobilier) for French institutional investors. Simon Redman, head of business development at Invesco RE, told PropertyEU in an interview that the new OPC1 fund, currently in the process of being marketed, will be investing in all kinds of commercial real estate across the Euro-countries.
Invesco is teaming up with Ciloger in the launch of several OPCI investment vehicles for both retail and institutional investors. OPCIs are the latest in the line of tax-friendly vehicles created in France to promote investment in property stocks. They are managed by independent portfolio management companies, such as Ciloger, which are licensed by the French market regulator AMF.
Redman said the new joint venture will give French institutional and retail investors much easier exposure to property outside their home market. He pointed out that the partnership is currently planning the launch of a new Pan-European OPCI fund dedicated to retail investors. 'The fund launch is expected for the end of this year. We are expressly avoiding the summer when things are too quiet,' he said. 'We are not sure yet about the size of this fund, but we would certainly like it to be more than EUR 300mln.'
Ciloger was the first fund manager in France to receive approval for OPCI's for retail investors. 'You can see why we wanted to have Ciloger as a partner. This proves their credibility and ability to get things done, as well as their good relationship with AMF,' Redman said. Ciloger currently has six OPCI's under management as well as several SCPIs (non trading property investment companies).
Under the new partnership, Invesco RE will act as an adviser for sourcing property investment opportunities within the funds' strategies. 'Ciloger does not have a presence outside of France. We will bring the experience and the people able to execute a European fund.'
