OFI REIM and F&C REIT have announced an initial closing of almost EUR 100 mln of FOSCA II, their second closed-ended investment vehicle focused on the French commercial property sector. The fund is the successor of FOSCA which raised in excess of EUR 200 mln in 2005-2006.
OFI REIM and F&C REIT have announced an initial closing of almost EUR 100 mln of FOSCA II, their second closed-ended investment vehicle focused on the French commercial property sector. The fund is the successor of FOSCA which raised in excess of EUR 200 mln in 2005-2006.
The strategy is to build a diversified portfolio of high-quality offices and attached retail shops in France.
Subscribers were European institutional investors, mainly insurance companies and pension funds. Subsequent subscriptions are expected over the next year with the target size being EUR 300 mln. Including leverage, the fund will have a size of EUR 600 mln.
OFI REIM is a real estate investment manager. It started its activity in 2005, with a focus on office buildings in the Paris region. The firm manages a EUR 650 mln portfolio of assets.
UK-based F&C REIT Asset Management is a leading international real estate manager formed through the combination of F&C Asset Management's property business and REIT Asset Management in September 2008. The firm manages a global portfolio worth £7.5 bn (EUR 8.8 bn) on behalf of a wide range of individuals, professional investors, property trusts and institutional clients.
