Standard Life Investments, the Edinburgh, Scotland-based asset manager, is to launch a £75 million (€82 million; $123 million) pan European property recovery fund.
The firm said today it would be a 5-year vehicle rather than an open ended fund.
The minimum commitment is £50,000 and it aims to return 12 percent annualised return net of fees, taxes and other costs.
Barry MacLennan, investment director, said the fund would capitalise on the expected recovery in property market returns. “We believe that commercial property is currently attractively priced and we would expect it to be of particular interest to tax-exempt investors,” he added.