Last December may seem an odd time to set up an investment trust based on continental European property assets. There were looming uncertainties, such as the Brexit vote, and there are still elections pending in Holland and France that could change the shape of the eurozone completely. The history of earlier funds invested in European property is not a chronicle of overwhelming success; many invested just in time for the financial crisis and with high levels of debt.
Schroder European Real Estate Investment Trust floated then and has so far raised €183 million. The trust, which is run by Schroder Real Estate Investment Management, has spent almost €180 million on eight properties, half in France and half in Germany. There are about another €50 million