EUROPE - Insight Investment has launched a pan-European property investment fund, the first stage in its planned expansion of its property business into Europe.
The Insight European Real Estate Trust (IERET) has an initial target size of e600m and will acquire commercial real estate in western continental European markets.
It is expected that it will be open to external investors in 18 months’ time, once the critical size and investments have been achieved.
Duncan Owen, managing director of the property team, said: “Expansion into the European markets is a natural progression for Insight given our strong position in the real estate market.
“This new fund will initially target acquisitions in the major western continental European markets including a special focus on France, Belgium, Spain and Germany. These are countries that in our view, offer the most attractive opportunities, diversification and where we have most experience.”
The IERET is a closed-ended tax efficient structure incorporated in Luxembourg. It has an income and growth investment philosophy, targeting out-performance of local property markets with an active style of management.
Tony Smedley, who joins Insight from Fountain Capital Partners, having previously led some of Jones Lang LaSalle’s investment teams in Europe, will run the portfolio and acquisition programme day-to-day.
Smedley will work closely with Owen and Chris Ludlam, director of property fund development.
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