Pan European fund completes first acquisition in Munich
Immobilien Europa Direkt, an investment group of Zurich Investment Foundation, managed and co-distributed by Schroder Property Investment Management, has completed the acquisition of a multi-let office building in Elsenheimerstraße, Munich. The property was acquired for €25.3 million at an initial yield of 6.6%.
The asset is located in the western part of the city and has good access to public transport and excellent communication to Munich city centre. Built in 1995 and modernised in 2010, the asset provides in excess of 10,000 sqm modern office space over six floors. The property is let to 16 tenants and has an average unexpired lease term of over six years.
Tony Smedley, Head of Pan European Funds, Schroder Property commented:
“We are pleased to have completed the first acquisition for Immobilien Europa Direkt following the recent closing with equity totalling €169.3 million. The Munich asset is in line with our strategy, it delivers the investment objective and provides long-term growth prospects being let at rents one third of prime”.
Immobilien Europa Direkt, a Euro denominated fund, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.
For further information, please contact:
Estelle Bibby, Senior PR Manager, Schroders
Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com
Note to Editors:
For trade press only. To view the latest press releases from Schroders go to: http://ir.schroders.com/media
Schroders has managed property funds since 1971 and currently has £10.6 (€12.7 /US$17.2) billion of gross property assets under management (at 30 September 2013).
All of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
Schroders is a global asset management company with £256.7 billion (€307.2 billion/$415.8 billion) under management as at 30 September 2013. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 34 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
Issued by Schroder Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
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