Standard Life Investments announced today that the ‘second tranche’ of its European Property Growth Fund is fully invested following the E80m (£60m) investment of a quartet of properties in Sweden and Belgium.

The fund’s available equity is now fully committed and Standard Life is in the process of a third equity raising from investors worldwide.

The current value of the fund, which holds 31 properties in nine countries, is E770m (£581m).

The fund targets a diversified portfolio across Europe, particularly in mature, developed Eurozone markets.

Of the four latest property investments, two are retail warehouses in Falun, central Sweden and Kungsbacka, near Gothenburg. The remaining properties are in Brussels and Antwerp in Belgium.

Will Fulton, manager of the European Property Growth Fund said: ‘With attractive income yields and robust occupier demand we are positive about the prospects for a number of property markets in continental Europe.’

‘In light of this, and following consultation with existing investors, we have taken the decision to raise a further tranche of equity to facilitate new acquisitions.

'This will provide investors with the opportunity to access a diversified portfolio of property investments with a focus on dominant European cities.

'The European Property Growth Fund has returned 12.2% per annum (net of all fees) since its launch at the end of 2001.’