The Standard Life Investments European Real Estaet Club fund has conducted three property transactions, two in the Netherlands and one in Sweden, at a total investment value of €105m.
The fund, which is a closed-end investment vehicle is now fully invested, it’s total portfolio exceeds €600m.
Daniel McHugh, head of Continental European Real Estate, Standard Life Investments and fund manager of Euro Club II, commented: “We anticipate strong upside in the Netherlands and Sweden over the medium term and these three investments are good examples of how we can capitalise on this opportunity. They highlight our blended strategy of funding brand new stock in robust sectors, such as logistics, alongside smart, active management of existing assets.”
It has invested €25 million in the forward funding of a new 33,300 sq m logistics facility in Vianen, central Netherlands, in conjunction with development partner, E-Prop. The contractor, Sprangers, is expected to deliver the project with completion expected in early 2017.
It has also invested €23.8 million to finance another new logistics facility in Dordrecht, southern Netherlands, with development partner, Hercuton. The 30,486 sq m facility is expected to be completed in spring 2017.
Separately, the fund has purchased Ingelsta Retail Park in Norrkoping, eastern Sweden, from Axfast for €56 million. The 37,000 sq m retail park consists of two properties and is anchored by retail chains such as Bauhaus, Willy’s, Jula, and Rusta.