Melbourne-based APN Funds Management continues to expand in Europe launching another fund to the market.
The APN Champion Retail Fund will be the fifth European fund for the manager since it began investing in the region two years ago. It will invest in 16 supermarkets in Greece.
APN aims to raise up to $62 million for the fund, part of which will be funded through its capital raising for the APN Europe Property Fund (Euro Fund).
Launched in July, the Euro Fund has investments in shopping centres located in Austria and Poland.
"We are looking to raise about $24 million for this fund. Up to $62 million will fund our Champion Retail Fund," APN Funds Management head of European funds Charles Raymond said.
The manager will target both retail and institutional investors.
"We moved into the European market because we saw a number of opportunities in that market," Raymond said.
"It is a bigger property market than the US. It also a lot more fragmented in terms of ownership. Corporations and private families predominately control these properties. This provides us with more prospects to add value."
The manager has 30 staff located in central Europe and 8 staff in London. APN Funds Management has 14 funds which manage $4.9 billion.
