Australian property trusts invested around €500m this week on property in Greece and Germany, amid growing institutional demand for European exposure.
APN/UKA European Retail Trust added 23 assets worth €150m to its portfolio, lifting the total asset value to almost €400m.
The latest acquisitions in its investment drive – spearheaded by Tony Green and John Harrison – are 16 Greek properties, let to supermarket chain Carrefour, and seven in Germany, let to furniture retailer Roller. The blended yield is 7.7%.
The trust, launched in July, already has four shopping centres in Spain and two in Italy.
The latest deal came in the same week that Australian fund manager Rubicon announced an initial offering to fund its European acquisitions. It has bought three German office blocks for ¤334m.
Rubicon, founded by Sydney financier Dr Gordon Fell, has launched an AUS$258.70 share offer to part-fund the deal.
DTZ has been appointed to find more properties for the Rubicon Europe Trust.
