F&C REIT Asset Management's Munich arm plans to set up a EUR 450 mln fund targeting German institutional investors which will invest in office and retail properties in medium-sized cities (20,000-200,000 inhabitants) in Germany.
F&C REIT Asset Management's Munich arm plans to set up a EUR 450 mln fund targeting German institutional investors which will invest in office and retail properties in medium-sized cities (20,000-200,000 inhabitants) in Germany.
Equity raising for the fund, which has the working title F&C Best Value Deutschland, will start in the fourth quarter of 2009 or the first quarter of 2010, a spokesman for the company told PropertyEU. The fund will pay an annual dividend of 6%.
The new fund will be the Munich-based company's first to be targeted exclusively at German investors. The firm currently manages some EUR 1.6 bn in property assets for investors in the UK and US.
F&C REIT Asset Management was formed in 2008 through the merger of F&C Asset Management’s property business and REIT Asset Management. The group manages a £7.5 bn (EUR 8.7 bn) global portfolio of assets.
