Norwich Union International (NUI) has added the Norwich European Property fund to its offshore bond ...
Norwich Union International (NUI) has added the Norwich European Property fund to its offshore bond range.
Already available on NUI's open architecture bond, Premier Portfolio, the fund will be now available to new sterling and euro investors through the International Core Funds bond and the International Investment bond. Offshore investors can invest from £10,000.
The fund holds a diversified property portfolio of office, industrial and retail, across Europe, excluding UK. Nick Burton, investment manager at NUI, said: "The fund has quite a wide brief. We are just looking at where the good opportunities lie round Europe rather than working with specific targets for how much we are going to put in each country or property type. Currently the fund has invested quite heavily in France and in Germany, although that may change. For example, we have just bought an office building in Finland."
Burton said the fund is aimed at high net worth individuals in or outside the UK. "The popularity of property in the UK market is well-documented but investors are now increasingly keen to diversify, both in terms of geographical location and in terms of the balance between bricks and mortar and property shares."
The fund has an annual charge of 1.5% which is taken from income. The initial charge is discounted when the fund is held in an offshore bond.
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