Morley Fund Management unveils latest European offering

Morley Fund Management, Europe’s s largest property fund manager, today unveiled its latest European fund offering - the German Retail Investment Property Fund (GRIP).

The GRIP fund, which is aimed at institutional investors with upwards of E3m to invest, will acquire a portfolio of retail properties located across Germany over a three year investment period. It is targeting a minimum 10% investor IRR.

German asset manager SachsenFonds will be responsible for asset management.

Ben Stirling, head of Morley’s European property team, believes the GRIP Fund is well positioned to take advantage of the long-awaited recovery in German economic fortunes.

‘We believe that the German economy will continue to recover over the coming years, and there will be opportunities to acquire retail property at attractive prices. With SachsenFonds we know we have a strong partner who has an intimate knowledge of German property markets.’ Stirling said.

‘We have already secured a seed portfolio for the fund and have assembled a strong pipeline of opportunities which we expect to close over the next few months. We are looking very carefully at the quality of the assets and aware that there are a lot of factors to take account of including regional differences throughout the country.’

Stefan Pfisterer, head of institutional funds at SachsenFonds, added: ‘We are delighted to extend our business relationship with Morley, and to do this in our German home market makes us even prouder. We believe that the German retail market, although generating increasing international interest, still offers value for money.’