Sal Oppenheim's Swiss property investment banking arm has launched the 41P European real estate fund of funds to invest in non-listed European real estate funds and to set up a broadly diversified portfolio of indirectly-held properties. The fund will pursue a conservative investment strategy and is aiming for a total return of 6% to 8% over its 12-year term.
Sal Oppenheim's Swiss property investment banking arm has launched the 41P European real estate fund of funds to invest in non-listed European real estate funds and to set up a broadly diversified portfolio of indirectly-held properties. The fund will pursue a conservative investment strategy and is aiming for a total return of 6% to 8% over its 12-year term.
In a statement, Sal. Oppenheim Real Estate Investment Advisors (SOPREIA) aid Swiss insurance companies Schweizerische National Leben and Basler-Lebens-Versicherungs-Gesellschaft have invested a total of EUR 61.5 mln in a first closing. Both investors are planning to increase their investment by a further EUR 49.2 mln in 2008. Furthermore, the Cologne-based parent company Sal. Oppenheim jr. & Cie. will plough a substantial amount into the fund.
'As early as one year ago, we picked up on the fact that many institutional investors were looking for a way to make an efficient investment in properties abroad. The specialist expertise of our 15-man real estate corporate finance team guarantees the optimum selection of successful fund managers and funds', said Sal. Oppenheim RE's Managing Director Jan Eckert.
SOPREIA was formed as a new unit of Sal. Oppenheim jr. & Cie.'s Swiss real estate investment banking arm and provides investors with advice on indirect real estate investments, as well as acting as an investment manager.
With regulatory capital of EUR 1.9 bn, and total assets of EUR 32 bn, Sal. Oppenheim jr. & Cie. is Europe's largest independent private bank.
