The European Property Fund has completed the acquisitions of four properties in Western Europe to bring the total size of the fund to EUR 400 mln since it was launched by British insurer Norwich Union last February. The new assets have a total value of EUR 140 mln and are located in Paris, Madrid, Amsterdam and the German city of Mannheim.
The European Property Fund has completed the acquisitions of four properties in Western Europe to bring the total size of the fund to EUR 400 mln since it was launched by British insurer Norwich Union last February. The new assets have a total value of EUR 140 mln and are located in Paris, Madrid, Amsterdam and the German city of Mannheim.
The fund, which is managed by Morley, offers UK investors direct exposure to Continental European property assets. Fund manager Julian Taylor said: 'One of the challenges facing funds like ours is to keep up with the investment inflows. However, we have managed this very well, particularly as the inflows have been even larger than anticipated. Having completed over EUR 200 million of deals in less than six months and with a further EUR 200 million currently in exclusive due diligence, we're confident that we can continue to keep up with the great demand that this fund is generating.'
In Paris, the fund acquired a 4,360 office building at 37-39 rue d'Anjou in Paris from German open-ended fund KanAm for EUR 63 mln. The property is let to Dexia Private Bank. As reported in PropertyEU on 22 August, the fund bought a 12,500 m2 office building in Amsterdam for EUR 34 mln from De Groene Groep Beleggingen. Spanish property company Realia sold the 7,000 m2 Calle Marconi 3 office building at Madrid Technology Park to the fund for EUR almost 23 mln, and the fund bought the 8,100 m2 Megaron B office building in Mannheim from UK investor Kenmore for EUR 19 mln.