Perennial Real Estate Investments (PREI) will open an Amsterdam office next month in preparation for slated German, Spanish and Italian legislation which will open up those countries’ REIT markets.
Boudewijn Van Loen has been appointed senior portfolio manager – Europe and will be based in the Amsterdam office from next month. “We’re just trying to pre-empt all of this real estate in Europe that will have the potential to securitise,” Stephen Hayes, managing director of PREI, said. Van Loen joins UK-based Stuart Pearce and Joseph Deguio. Hayes said Perennial was looking for a ‘very senior person’ who understood the European markets and the potential for growth there. “It looks like Italy is going to introduce tax transparent REIT legislation,” Hayes said. PREI’s committed funds under management has grown to $3 billion in the 12 months since it launched last January. That FUM is split fairly evenly between Australia and the rest of the world. But the Australian component will be capped at 2 per cent of the local Australian listed property market, or approximately $2.2 billion, which Hayes expects to reach some time this year.
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