OFI REIM and F&C REIT second French real-estate fund
OFI REIM and F&C REIT have announced an initial closing of almost € 100m of FOSCA II, their second closed-ended investment vehicle focused on the French commercial property sector.
The fund is the successor of FOSCA which raised in excess of €200m in 2005/2006.
The strategy is to build a diversified portfolio of offices and attached retail shops in France with a high level of quality.
The subscriptions have been made by European institutional investors, mainly insurance companies and pension funds. Subsequent subscriptions are expected over the next year with the target size being €300m. Once leverage is applied to the fund, this will lead to a €600m portfolio.
"The French commercial real-estate market is one of the largest and most diversified in the Eurozone and it has proved its resilience recently", explained Brigitte Sagnes Dupont, Executive Chairman at OFI REIM. "We have developed a wealth of experience in investing in offices with a high level of quality. We create added-value by a customised tenant approach and repositioning strategies focussed on increasing the consistency of our assets." "We are excited to be launching this fund which further expands F&C REIT's product range for institutional investors," said Nick Criticos, F&C REIT CEO. "This is our second collaboration with OFI REIM which will build on the success of our first joint venture. Raising almost €100 million is a fantastic result for a first close on FOSCA II and are confident that it will continue to attract strong interest from institutional investors."
OFI REIM
OFI REIM is a Real Estate investment manager. It started its activity in 2005, with a focus on office buildings and Paris region. OFI REIM manages a portfolio of € 650m of real estate Assets. It has a deep knowledge of the French market where half of the team have been operating together for more than 20 years. OFI REIM benefits from the support of its shareholder Groupe OFI, specialized in asset management in all assets classes, with € 22 b under management. OFI REIM operates through a range of products, as OPCI or international structures.
F&C REIT Asset Management
F&C REIT Asset Management is a leading international real estate manager formed through the combination of F&C Asset Management's property business and REIT Asset Management in September 2008. F&C REIT is an entrepreneurial, institutionally-partnered force in commercial property and manages a global portfolio worth £7.5 bn (31/12/09) on behalf of a wide range of individuals, professional investors, property trusts and institutional clients. F&C REIT's investment team uses both detailed proprietary and external research, sophisticated forecasting and strategic analysis to find market inefficiencies and opportunities - across property sectors, countries, types and tenants.
F&C REIT offers a comprehensive, integrated range of real estate fund management services with a network of offices spanned across five countries: Germany (Munich), India (Mumbai), Ireland (Dublin), Sweden (Stockholm) and the UK (London).