Schroder Property Investment Management will launch a second continental European property fund after the successful closure of the first such fund.

Continental European Fund I, a European multi-manager fund, is fully subscribed, having attracted €253m (£171.5m) in the six months since opening.

The fund is building its portfolio and has access to seven specific European property funds.

Continental European Fund II will be a capped fund targeting 8-10% per year.

Michael Clarke, head of distribution at Schroder Property Investment Management said: ‘We were pleased the fund appealed not only to UK institutions but also continental pension funds and look forward to seeing a similar response with CEFII in the coming months.’