Schroders announces first close of Core European Property Fund

Schroder Property Investment Management (SPrIM) has announced the first close of the Schroder Core European Property Fund on Dec. 21, 2012, at €225 million ( $294 million).

The fund was launched with the Zurich Investment Foundation and was specifically designed for Swiss tax-exempt pension schemes. SPrIM expects the fund will double in size before its second close, projected for later in 2013.

The Schroder Core European Property Fund will target income-producing property in large property markets in Europe. The first phase of investments will aim for acquisitions in key markets in France and Germany but will expand throughout continental Europe in time.  

Schroders had €12.8 billion ($16.7 billion) in assets under management as of the end of third quarter 2012 and has managed property funds since 1971. The company has nine local offices. Schroders has grown its propert