Open Fund

European Cities Fund

A city-based real estate strategy that seeks to deliver defensive stable income return and optimise long-term total return.

Key facts

Target sector Retail, office and logistics
Target return The target for the Fund is to provide an attractive long-term total return that comprises an average annual income return of 5.0% p.a. measured on NAV, this being net of Fund expenses and taxation that is payable by the Fund, but gross of the management fee and any taxation payable by investors on receipt of, or withheld from, any distribution (the Target Income Return).*
Fund structure Luxembourg partnership
Fund term Open-ended with a perpetual life
Currency Euro
Fund value $1.6bn**
No. of assets 10
Max gearing 30% (target)
Fund Manager Andrew Rich
Investment strategy

The Fund seeks to form a diversified, well-let, secure real estate portfolio on a pan-European basis.

The Fund:

  • Has the ability to invest only in a defined list of investment cities that are underpinned by global megatrends
  • Acquires and manages high-quality real estate
  • Adopts a predominantly core portfolio style to ensure a durable income stream and minimise volatility
  • Seeks to increase return through carefully appraised and considered opportunities in growth cities
  • Looks to invest in retail, offices and logistics in markets with structural performance drivers

Award-winning fund

The Fund was awarded 'New Fund of the Year' at the 2017 Property Investor Europe Awards. The award is testament to the innovative strategy, thorough research approach and the deployment of capital to date, to build a high quality starting portfolio across a number of identified 'winning' cities. Read more here.


Fund of the year - new fund 

*The ultimate returns realised by the Fund will depend on numerous factors that are subject to uncertainty. Accordingly, there can be no assurance that any return objectives will actually be realised. This is intended solely for the use of professionals and is not for general public distribution. It is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Any investment will be made solely on the basis of the information contained in the Prospectus or offering documents (including all relevant covering documents), which will contain investment restrictions, risks and fees. This is intended as a summary only and potential investors must read the Prospectus or other relevant offering document before investing. This is not directed at or intended for any person (or entity) who is citizen or resident of (or located or established in) any jurisdiction where its use would be contrary to applicable law or regulation [or would subject the issuing companies or products to any registration or licencing requirements].
**Approximate GAV and number of assets post-completion of currently signed deals.

Source: TH Real Estate, 31 March 2018

Andrew Rich

Andrew Rich

Fund Manager

Andrew's biography
A city–based real estate strategy, underpinned by long–term, structural trends, that strikes the right balance of risk and diversification, while taking advantage of short–term pricing opportunities, should enjoy above–average portfolio level returns, lower–than–average volatility, and modest downside risk, for long–term investors.

We have adopted an innovative, two–pronged approach to top-down analysis, capturing both structural megatrends and tactical real estate fundamentals, to identify "future proof" cities. We have scored a number of European cities according to the qualities that make them attractive to people and occupiers, today and in the future. This process has helped us filter over 200 cities in Europe, down to under 50, which you can explore in the map below.


Tim Horrocks

Timothy Horrocks

Fund Director

Timothy is Head of Continental Europe and has 27 years’ experience in real estate. As Fund Director, he reviews strategies, transactions and other key matters for the Fund.

+4969667736846 More about Timothy
Andrew Rich

Andrew Rich

Lead Fund Manager

With 14 years’ real estate experience, Andrew oversees all investment, development and asset management activities for the Fund.

+442037278194 More about Andrew
Liz Sworn

Liz Sworn

Co-Fund Manager

With sixteen years of commercial property experience, Liz is Co-Fund Manager of the Fund, identifying acquisitions for the Fund, implementing the debt strategy, as well as asset management opportunities for current assets, and working closely with our local offices across Europe.

+4969667736861 More about Liz
Alice Breheny

Alice Breheny

Global Head of Research

With over 18 years’ experience in property research, Alice is Co-Head of the Global Real Estate Research & Strategy team. She manages a team of seven analysts devoted to researching the direct property market in Europe, the US and Asia.

+442037278122 More about Alice
Stefan Wundrak

Stefan Wundrak

Head of European Research

Stefan is the Head of European Research, with over 10 years’ experience in real estate research. He specialises in global logistics and is regionally focused on Italy, Germany, Austria, the Nordics and CEE markets, as well as Japan.

+442037278226 More about Stefan
Luke Duckworth

Luke Duckworth

Assistant Portfolio Manager

As Assistant Portfolio Manager, Luke supports the Lead Fund Manager and Fund Manager on the investment and asset management strategy for the Fund.

+442037278465 More about Luke
Chris Dowdall

Chris Dowdall

Finance Manager

With nine years of real estate finance and audit experience combined, Chris provides day-to-day financial management of the Fund, including the delivery of the Fund’s quarterly financials as well as assisting the transaction structuring and portfolio management teams in the due diligence, negotiation and implementation of structures for new acquisitions.

+442037278463 More about Chris
Mark Bowker

Mark Bowker

Senior Finance Manager

Mark Bowker is the Senior Finance Manager, responsible for the European Retail Property Fund (Herald)’s structuring

+442037278118 More about Mark