Close launches Close European Property Investment Portfolio

Close Investments is delighted to announce the launch of a new European Commercial Property Fund, the Close European Property Investment Portfolio – (“Europip”).

The Fund is available for both retail and institutional investors and offers both sterling and euro share classes.

A sub fund of Closepip (Close Property Investment Portfolio), Europip will invest in commercial property in mainland Europe, including Scandinavia. It aims to offer investors an attractive net annualised total return of 9%*. The Fund can invest in direct property and closed ended European property funds.

Simon Cooke, Managing Director, Close Investments Property, said: “Europip has been structured so that institutions and retail investors can both enjoy the benefits of an actively managed European property fund. We have seeded the Fund with some attractive and diverse assets demonstrating our ability to deliver on our stated strategies.”

The size of the European commercial property market (excluding Central & Eastern Europe) is around €840 billion, which compares with around €520 billion for the UK market (source IPD 2006). The larger European market offers a means of diversifying away from the risks of UK property and the debt/yield arbitrage that prevails in many European markets, makes it attractive to commercial property investors. Active managers, like the Close Investments property team, have greater scope to offer enhanced returns through portfolio allocation, across assets, sectors and regions.

* No assurance or guarantee can be given that targeted returns will be achieved.