Lend Lease Houlihan Rovers, the Brussels based real estate securities management company, has launched the Lend Lease SICAV European Real Estate Securities Fund (the 'European Real Estate Securities Fund'), an indirect European real estate sociÃ©tÃ© dÂ'investissement Ã capital variable ('SICAV').
The open-ended fund will invest in Western European real estate securities and through its Luxembourg tax structure is anticipated to appeal to a wide cross section of institutional and High Net Worth Investors. The European Real Estate Securities Fund aims to outperform the European Public Real Estate Association ('EPRA') benchmark and to be a top quartile performer within its peer group.
The fund was initially capitalised with â‚¬10 million and is expected to grow its assets under management to â‚¬100 million over the next two years. The fund qualifies as a UCITS Part 1 fund (Undertaking of Collective Investment in Transferable Securities) and is structured in accordance with the UCITS Directives. Initially, the fund will be registered in Germany, Switzerland and the Netherlands, allowing it to target retail investors in these jurisdictions.
(source: Lend Lease)