The acquisition marks the Fund’s first exposure to the market as it seeks to gain exposure to a highly liquid micro location that is experiencing strong growth.
Aymeric de Sérésin, Portfolio Manager at Fidelity International, said “The acquisition marks a significant drawdown of client capital after our successful €300m capital raising event last year, meaning just €85m remains to be invested. Luxemburg is an attractive market, offering good and solid fundamentals with a sizable existing modern office stock, backed by a significant and sustainable letting demand. Luxembourg is a market where we wish to increase our exposure, not only within the office sector but also within the retail sector. We believe in the long-term growth of the economy and, as worker numbers increase, this will create a need for office stock over the short to medium term.”
The Fidelity Eurozone Select Real Estate Fund is aimed exclusively at institutional investors and invests solely in core Eurozone markets.