ILIM seeking more investors for European property fund

Irish Life Investment Managers (ILIM) is seeking another €200 million from institutional investors to close out the first round of financing for its new European Real Estate Fund.

The money manager says it has already raised €300 million in equity commitments for the fund, which will target developments in “prime markets” across the continent. ILIM says it aims to grow the fund’s portfolio to over €1 billion.

The fund has completed its first two property deals, both for newly-developed schemes. It has bought a near-17,000 sq metre logistics hub in Brussels, as well as a 7,000 sq metre office development in Strasbourg, the French city that is home to the European Parliament, which sits next door to the ILIM fund's asset.

The Strasbourg development is already let to four tenants on long-terms deals, including the local co-operative bank, Crédit Mutuel.

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Martin O’Reilly, the head of property for ILIM, said market disruption from inflation and interest rate pressures, as well as the shift to more sustainable assets, will create more opportunities for the fund.

Paul Baragwanath, the fund manager, said the rental deals at its first two property deals would provide "a natural hedge against external inflationary pressures".