Investa Property Group has teamed up with a German fund manager to offer Australian investors the opportunity to invest in commercial property across Europe.
Investa Property Group has teamed up with a German fund manager to offer Australian investors the opportunity to invest in commercial property across Europe.
Deutsche Gesellschaft Fur Immobilienfonds (DEGI) is part of Frankfurt-based Dresdner Bank, which is owned by Allianz Group.
It has agreed to work with Investa to develop a platform for the Australian property group's external funds clients to invest in European commercial property.
Investa group executive for external funds Bill Grounds said global investment by Australian investors was an emerging issue. "There is also no doubt that, when they look offshore, Australian investors want access to the best local knowledge and capability in the geographies where they plan to invest," Grounds said.
"DEGI represented the best fit for the Investa model with both companies having active asset and portfolio management philosophies."
He said he expected the platform and associated product development work to be completed by the end of the year.
Investa this week announced a net profit of $327 million for the half year to December 2006, a 124 per cent increase on the previous corresponding period.
The company said the leap in profits was due in part to the strength of its investment portfolio, which saw like-for-like earnings growth of 5.3 per cent, as well as $196 million worth of valuation increases on 16 of its properties.
Investa also announced the appointment of former Australian Financial Review managing editor John Hurst as head of corporate communications. He replaces Elizabeth Hattersley, who is on maternity leave.
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