Aviva Investors will launch by the end of the year Real Estate Opportunities, an open-end property fund with a startup capital of €7.5 million, according to real estate consultant, DTZ Echinox, one of Aviva’s advisors.
“It will be an open-end fund almost 100% with local investors. The fund will focus primarily on the acquisition of interests in projects that already generate revenues, excluding the housing sector”, said Cristian Ustinescu (photo), DTZ Echinox’s head of investment at Evensys conferences.
Investors will focus on small projects, pursuing a 15% profit margin. “We have already talked to the lawfirm Biris Goran, legal advisers of Aviva for two years, but only now we found the right time”, said Ustinescu.
Aviva Investors has four open-end investment funds under management, with net assets under custody of over 20.5 million lei.
DTZ Echinox is one of the leading real estate consultants, with a turnover of €5.6 million in 2008.
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