The direct real estate business of Fidelity International, a subsidiary of the US institutional asset manager Fidelity, is opening a German office to help source assets for its freshly created pan-European property fund.
The office is in Munich where it has also just acquired a property – its sixth for the new property vehicle.
Fidelity International, which manages approximately £151 billion ($298 billion) of assets outside of the US, decided to enter into the direct European real estate market in 2006 and hired Neil Cable from UK insurer Standard Life to do so. In an interview with PERE magazine last February, Cable said the firm hoped to rival some of the largest institutional real estate managers in Europe by acquiring billions of Euros worth of real estate over the long term.
Keith Sutton, director of European real estate, said in a statement: “We already have a team in London and Luxembourg and our vision is to continue our expansion into other key centres such as Paris, Frankfurt, and now Munich.” The US institutional money manager is opening in Munich as a base for its drive into direct Continental Europe property.
“Munich lies in one of the strongest economic regions of Germany,” he added. “It is the perfect location for the real estate business’ latest European office. From Munich, I can be close to the key real estate markets on the continent, some of the best talent in the industry is located here, and it puts us at the heart of where our German clients need us.”
Sutton continued in a statement that he is now looking to expand the real estate management team based around Fidelity’s network of European offices.