GLOBAL β ERAFP, the pension fund for French civil servants, has hired Investment Managers to run its first pan-European real estate strategy, while selecting Global Investors and Investment Management as standby investment managers.
The β¬14bn pension fund, which is building its exposure to real estate from scratch, could provide up to β¬350m of capital over the next three years to invest property markets in European OECD countries.
ERAFP and the three fund managers have signed a 10-year framework agreement. The French investor took a similar approach to its first property mandate, in France and selecting two standby managers, Immobilier and Real Estate Managers.
AXA Real Estate will manage a portfolio of unlisted property assets and will focus on the office and retail sectors.
As announced in the , when ERAFP said it expected to provide β¬310m in capital over the first three years, the manager will have the discretion to also consider investment in residential and logistics within the region.
Grontmij Capital Consultants is conducting a search for value-added or opportunistic property funds targeting European and US real estate, using ΒιΆΉΣ³»-Quest.
According to search QN 1315, the client for whom the Dutch consultancy is conducting the search would like to invest between β¬10m and β¬20m in American or European property, excluding the Central and Eastern European region.
The consultancy added that the funds should preferably be equity driven, and have a βmoderateβ target loan-to-valuation ratio.
It did not specify a minimum track record or fund size for any vehicles being put forward for consideration, nor did it suggest a benchmark against which the success of an investment would be measured.
Interested fund managers should contact ΒιΆΉΣ³»-Quest by 12 July to apply.
Grontmij has recently conducted a number of searches, last month seeking in Europe. It also sought of interest for two Dutch pension funds.
The ΒιΆΉΣ³».com news team is unable to answer any further questions about ΒιΆΉΣ³»-Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from , please contact Jayna Vishram on +44 (0) 20 3465 9330 or email jayna.vishram@ipe-quest.com.
