Schroders Property launches fund for Swiss tax exempt pension schemes

Schroders Property Investment Management has launched today its Core European Property Fund, which is specifically designed for Swiss tax exempt pension schemes.

The fund closed on 21 December 2012 at €225 million and according to the firm is expected to double in size before a second close later this year. The fund was launched in partnership with Zurich Investment Foundation.

The strategy will focus on good quality, income producing property in the largest and most liquid property markets in Europe.

The initial phase of the investment programme will focus on the key markets of France and Germany but the fund will also invest across a number of countries throughout Europe in due course, Schroders added.

The fund is Euro denominated and as part of the investment objective it aims to distribute annual dividends of 5% per annum, although this is not guaranteed.

“This is a unique proposition for Swiss pension funds to invest tax efficiently and we look forward to working with the Zurich Investment Foundation. The strategy is clear and our experience across Continental Europe in managing property investments provides a strong platform from which to execute and invest. Following our appointment to manage the €300 million listed European Real Estate Trust (formerly known as Matrix) this is further evidence of our commitment to building our Pan-European property business,” said Duncan Owen, head of property investment.

Tony Smedley, head of pan European property funds added: “We are excited by the diverse investment opportunities available in the Pan-European markets and very much look forward to being a buyer with equity available for immediate investment.

We believe there is significantly reduced competition for stock in our target markets; this should provide us with a competitive advantage over the next 12 months.”

The launch is the latest in a number of new developments for Schroder Property.

Following the transfer of the team and ex Invista Funds, including the Invista Foundation (now the Schroders REIT) in January 2012, Schroders continued to grow its Property Assets under Management.

Schroders had €12.8bn of gross property assets under management at the end of September.

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