European property investment and advisory company Pensus said Thursday it had formed a joint venture with Australian property fund manager Orchard Funds Management. The joint venture, Pensus Funds Management, will be headquartered in London and gives Orchard its first access to the European property market.
European property investment and advisory company Pensus said Thursday it had formed a joint venture with Australian property fund manager Orchard Funds Management. The joint venture, Pensus Funds Management, will be headquartered in London and gives Orchard its first access to the European property market.
The initial strategy of the joint venture will be to focus on the core markets of Western Europe with a view to building a diversified portfolio of approximately EUR 2.5 bn over the next five years, Pensus said.
‘The Pensus team has extensive experience of operating in local European real estate markets and
provides us with a strong track record in sourcing deals. We expect this, combined with our expertise in raising equity for funds for property investment in the domestic Australian market, will deliver a highly successful partnership. With property yields continuing to tighten in the Australian market, the time is right for Orchard to look at additional investment opportunities,' said Orchard ceo Mr David Hinde.
‘The joint venture with Orchard will give us greater access to capital and management capabilities which will support us in becoming a major player in the European property funds management market. Pensus Funds Management will draw on the market knowledge, experience and success of both Orchard and Pensus to create exciting opportunities for investors, added Pensus partner Hugh Elrington.
