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18 December 2002
Lend Lease Houlihan Rovers Launches European Real Estate Investment SICAV
Lend Lease Houlihan Rovers, the Brussels based real estate securities management company, has launched the Lend Lease SICAV European Real Estate Securities Fund (the “European Real Estate Securities Fund”), an indirect European real estate société d’investissement à capital variable (“SICAV”).
The open-ended fund will invest in Western European real estate securities and through its Luxembourg tax structure is anticipated to appeal to a wide cross section of institutional and High Net Worth Investors. The European Real Estate Securities Fund aims to outperform the European Public Real Estate Association (“EPRA”) benchmark and to be a top quartile performer within its peer group.
The fund was initially capitalised with €10 million and is expected to grow its assets under management to €100 million over the next two years. The fund qualifies as a UCITS Part 1 fund (Undertaking of Collective Investment in Transferable Securities) and is structured in accordance with the UCITS Directives. Initially, the fund will be registered in Germany, Switzerland and the Netherlands, allowing it to target retail investors in these jurisdictions.
Joseph Houlihan, Managing Director of Lend Lease Houlihan Rovers, commented:
“We are seeing growing appetite for pan-European property investment vehicles, especially from investors who operate within relatively illiquid domestic property markets. The European Real Estate Securities Fund has been created to provide broad exposure to property across different markets and sectors without the capital constraints or liquidity issues of holding direct real estate.”
-ENDS-
Notes to Editors:
Lend Lease Houlihan Rovers SA
Lend Lease Houlihan Rovers SA, a joint venture between Lend Lease and Joseph Houlihan and Gerios Rovers, is a dedicated real estate securities investment management firm based in Brussels. Its senior investment professionals have over 30 years experience in managing real estate securities portfolios. Incorporated on February 11th, 2000, the company is authorised to conduct investment business in both Belgium and the US, by the Belgian Banking & Finance Commission (CBF) and with the Securities & Exchange Commission (SEC) respectively.
Lend Lease is one of the world’s leading real estate companies. In a highly fragmented market, Lend Lease provides a full spectrum of real estate-related services to clients across all major markets and sectors. Lend Lease delivers specialised services and solutions ranging from investment management through to commercial credit services, development, financing, construction and project management, offering clients unique value by ensuring all their real estate needs are met.
In Real Estate Investments, Lend Lease is one of the largest real estate investment managers in the world with A$86 billion [€50.8 billion, GB£33.6 billion, US$49.1 billion] of assets under management. Lend Lease’s investment programmes cross the risk/return spectrum for both equity and debt capital, and in the public and private markets. In addition, the Group operates a leading U.S. loan servicing company, CapMark Services, for the benefit of clients investing in real estate-related debt.
Listed on the Australian Stock Exchange, the Lend Lease Group operates in 43 countries on six continents, with a significant presence in Australia, Asia, Europe, and the United States.media
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