European Property Fund makes four new acquisitions

Article date: 6 September 2007

  • Value of acquisitions almost €140 million
  • Fund reaches €400 million in only six months

The European Property Fund, which is available through Norwich Union, has completed the acquisition of four new commercial properties, in four different countries, just as the fund reaches €400 million in size. The four additions to the fund's portfolio have a total value of almost €140 million and are located in Paris, Madrid, Amsterdam and Mannheim.  Full details are listed below.

The European Property Fund, which is managed by Morley, is unique to UK investors as it offers them direct exposure to European (excluding the UK) property assets through a daily priced and daily traded fund. The fund launched in February this year has already reached €400 million in size. The value of investments can go down as well as up, and you may not get back your original investment.

Julian Taylor, fund manager of the European Property Fund, said: "One of the challenges facing funds like ours is to keep up with the investment inflows. However, we have managed this very well, particularly as the inflows have been even larger than anticipated. Having completed over €200 million of deals in less than six months and with a further €200 million currently in exclusive due diligence, we're confident that we can continue to keep up with the great demand that this fund is generating."

The acquisitions include:

37-39 rue d'Anjou, Paris (8th arrondisement), France

  • 4,360 square metre office building
  • Acquired from German open ended fund KanAm
  • Let to Dexia Private Bank
  • Purchase price of approximately €63 million.

Busitel II, Orlyplein, Amsterdam, Netherlands

  • 12,500 square metre office building
  • Acquired from De Groene Groep Beleggingen BV
  • Let to Deloitte and Rijksgebouwendienst
  • Purchase price of approximately €34.5 million.

Calle Marconi 3, Parque Technologico de Madrid, Spain

  • 7,000 square metre office building
  • Acquired from Spanish investor Realia
  • Let to Amper
  • Purchase price of approximately €22.7 million.

Megaron B, Dynamostrasse, Mannheim, Germany

  • 8,162 square metre office building
  • Acquired from UK investor Kenmore
  • Let to seven tenants
  • Purchase price of approximately €19 million.

-ends-Press office contacts:

Morley
Elizabeth Saint
Telephone: 020 7809 8125

Norwich Union
Lucy Grubb
Telephone: 020 7662 3624

Notes to editors:
Property may not be readily saleable therefore there may be delays in cashing in the investment. The value of property is generally a matter of a valuer's opinion rather than fact.

About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.

Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.

About Morley
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £168bn (€250bn) from offices around the world as at 30 June 2007.

Awards

  • Property Manager of the Year, UK Pensions Awards 2007
  • Property Fund Manager of the Year, Pensions Management Awards 2006
  • Property Fund Manager of the Year, Property Week Awards 2006
  • Property Week Awards 2004 - Best Property Fund Manager

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