German property investor IVG Immobilien said on Tuesday that it has taken only two months for its fund unit to raise EUR 224 mln in equity for its Euroselect 14 fund which is based on the iconic Gherkin office property in the City of London.
German property investor IVG Immobilien said on Tuesday that it has taken only two months for its fund unit to raise EUR 224 mln in equity for its Euroselect 14 fund which is based on the iconic Gherkin office property in the City of London.
Last February IVG teamed up with UK investment company Evans Randall to jointly acquire the 34-storey London headquarters of insurer Swiss Re at 30 St Mary Axe for about EUR 906 mln.
IVG said Euroselect 14 fund 'The Gherkin', which is fully placed, gives private investors an interest in 'one of the world's most prominent office properties in the City of London'. Swiss Re is the principal tenant and accounts for 50% of the rental income.
'The short time span required for fully placing the fund underscores the fact that the high-quality properties marketed by IVG via its line of Euroselect funds continue to be attractive: IVG will place equity of well over EUR 400 mln in 2007 (2006: EUR 252 mln),' IVG said in a statement.
Looking to 2008, the statement said IVG Funds will continue to consolidate its position as one of the leading fund initiators in the field of closed-end property funds. 'The new IVG Balanced Portfolio Asia, for instance, will give private investors an opportunity to participate in the dynamic development of the Asian economies.' The fund of funds will invest in five target funds and IVG will start marketing for the fund at the beginning of 2008.
IVG Immobilien is one of Europe's major real estate investment companies and manages real estate assets worth more than EUR 19 bn in its four divisions: IVG Investment, IVG Funds, IVG Development and IVG Caverns.
