UK/EUROPE - Standard Life Investments has purchased two major properties in Lisbon and Paris as part of its European Property Growth Fund.
The fund – designed to provide UK pension schemes and other investors with an exposure to the continental European property market – bought a property in Parque das Nações in Lisbon for e33m and a complex in Avenue De Centre, Paris, for e25.5m.
Standard Life Investments successfully closed its fund in October 2002 and exceeded its target of e300m. Five new investors joined the fund at the final closing, bringing the total to 10.
The fund invests in office, retail and distribution properties in the eurozone and, prior to these purchases, already owned five buildings in Paris, Madrid and Brussels.
Standard Life Investments remains one of the few UK-based institutions to operate a significant investment portfolio in continental European property markets.
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