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Standard Life Investments aims to generate €150 mln of fresh capital in the latest round of equity raising for its semi-open ended fund, European Property Growth Fund.

‘We are in the early stages of this equity raising which should take about a year or so to close,’ commented Veronica Gallo-Alvarez, manager of the €750 mln fund.

The vehicle, launched in 2001, currently has around €50 mln available for new investments, Gallo-Alvarez added.

‘We are currently focused on two types of investment strategies, we are targeting the core markets on the one hand, e.g. Germany and France, while on the other we are looking at more cyclical markets like Ireland, Spain and the Netherlands.’

The vehicle targets leveraged returns of between 8 and 10% on a five-year basis.