Multiplex has announced it is to establish a new €356m (£241m) European property fund.
The Multiplex European Property Fund (MEPF) will have a portfolio of 67 German properties purchased by Multiplex in an off-market deal from REIT Asset Management.
The portfolio has 98.5% occupancy with tenants on long weighted leases around 10 years.
Almost 84% of the portfolio, which is majority retail properties, is less than seven years old.
Ian O’Toole, managing director of Multiplex Capital, said: “We are delighted to establish out first European investment vehicle.
“As Germany is a significant international property market with positive indicators for future growth, we believe there will be strong investor demand for the fund.”
“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.
References: EGi News 28/11/06
