Cromwell launches European property fund

Cromwell launches European property fund

Global real estate manager Cromwell Property Group has launched a €2 billion European property fund after securing commitments to fund the €205 million seed portfolio.


The Cromwell European Cities Income Fund (CECIF) is a long term, open-ended core fund investing in office, retail, leisure and industrial real estate, which Cromwell chief executive Paul Weightman said was part of a move to grow the firm’s funds management business.

“The first close of CECIF, and the acquisition of the seed portfolio, demonstrates our ability to match international capital with investment opportunities underwritten by our on-the-ground real estate teams in 22 offices across 14 different European countries,” Mr Weightman said.

“We have a very strong pipeline of additional investment opportunities already identified for CECIF and look forward to announcing further milestones.”

Cromwell’s chief executive for Europe David Kirkby said European real estate covers over 500 million people, often with “little correlation between different markets”.

“Additionally, the historically high-yield premium of European commercial property over sovereign debt and corporate bonds currently offers an attractive entry point for institutional investors looking for a long-term total return of 8 per cent or above,” he said.

CECIF’s seed portfolio consists of “three prime office assets” located in Amsterdam, Rotterdam and The Hague, each let on long-term leases.

Read more:

Macquarie adds 74 products to platform

Ditch relative returns, says Monash Investors

Profile Financial Services adds to team

More rate cuts needed in 2017: Fiducian

Alternative funds gaining in popularity

Related Articles

 

Cromwell launches European property fund
investordaily image
ID logo
promoted stories

Appointments

Karen McKeown

Local Government Super appoints director

Reporter

Neil Cochrane

First State Super CEO to retire

Reporter

Pally Bargri

AMP chief risk officer for advice departs

Killian Plastow

Analysis

investordaily image

Corporate governance and advocacy in China

Therese Niklasson

Dug Higgins

The shifting LIC landscape

Dug Higgins

investordaily image

The perils of chasing niche infrastructure

Frithjof van Zyp