This equity has allowed the fund to secure four acquisitions with a combined value of E144.6 million. The marketing for Azzurro commenced in the third quarter of 2007 with a target to raise E250 million of equity and a fund size of E500 million.
According to Henderson, it is a 10-year closed-ended fund with a target internal rate of return of 8.5% over the life of the fund. Azzurro is a core plus fund that provides institutional investors with an exposure to the Italian property retail sector through the acquisition of properties that have asset management opportunities.
Neil Varnham, director of Henderson Global Investors, said: We are excited by the Italian property market, particularly retail, which we expect to continue to grow over the next few years, with rental growth and yield trends remaining strong relative to other European markets.
