Multiplex Capital has announced it intends to launch a new fund to invest in European real estate. The fund has an initial portfolio of 67 German properties valued at EUR 356 mln. Multiplex Capital is the fund management division of Australia's Multiplex Group.
Multiplex Capital has announced it intends to launch a new fund to invest in European real estate. The fund has an initial portfolio of 67 German properties valued at EUR 356 mln. Multiplex Capital is the fund management division of Australia's Multiplex Group.
In a statement issued on Tuesday, Multiplex Capital said the key features of the new portfolio would include 98.5% occupancy and blue chip tenants with long weighed average lease terms of approximately 10 years. In addition, 84% of the properties are less than seven-years-old, and the fund will be weighted towards the retail sector.
Ian O'Toole, the managing director of Multiplex Capital, said he believed there would be strong investor demand in the fund as 'Germany is a significant international property market with positive indicators for future growth'.
'While this portfolio of assets is solely based in Germany, we will look to pursue investment opportunities to grow the fund within the broader European market,' he added. Last September, the company listed the $640 mln (EUR 489 mln) Multiplex Acumen Prime Property Fund.
The company said the value of external funds under management will increase by more than 20% to over $3.3 bn (EUR 2.5 bn) once settlement occurs, with total funds under management for the group exceeding $6 bn (EUR 4.5 bn).