Standard Life Investments has is re-opening its European Property Growth Fund for investment on the wake of renewed appetite from institutional investors. James Rushworth, fund manager of EPGF, tells PropertyEU in an interview during the Mipim property fair in Cannes that Standard Life is planning the fourth fundraising for the fund, which is expected to complete by the end of 2010.

Standard Life Investments has is re-opening its European Property Growth Fund for investment on the wake of renewed appetite from institutional investors. James Rushworth, fund manager of EPGF, tells PropertyEU in an interview during the Mipim property fair in Cannes that Standard Life is planning the fourth fundraising for the fund, which is expected to complete by the end of 2010.

'We are seeking to raise EUR 250 mln of new equity for the EPGF, which with leverage will give us a spending power of EUR 500 mln in Continental Europe,' Rushworth says. 'We believe this is a good time to get into the market, because we are seeing attractive opportunities across our target markets.

Around 30 institutions from nine countries have so far invested in EPGF, a pooled vehicle which was launched in 2001. The fund has built up a portfolio of EUR 742 mln in Europe, holding two subsequent fundraisings in 2006 and 2008 respectively.

According to Rushworth, EPGF is mostly focusing on investments in France, Poland, Germany and Belgium for the logistics sector, Paris and Warsaw for offices and on the retail side, Poland and the Scandinavian countries are on the top of its investment list.