ILIM moves further into Europe as it buys into two property funds
Investment fund Irish Life Investment Managers (ILIM) has moved further into the European property market after it bought stakes in two real estate funds.
ILIM, which has historically been focused on the Irish property market but has more recently diversified into the UK and Europe, has agreed terms to buy into two funds run by London-based Rockspring.
ILIM has taken stakes in the Rockspring Peripheral Europe and Rockspring PanEuropean Property funds.
It has also become a limited partner in the funds.
ILIM bought its stake from a company related to Prescient Investment Managers.
Prescient was formally AIB Investment Managers before the bank sold it off.
The Rockspring transaction was first reported by Private Equity Investor.
A spokesman for ILIM, which is the investment management company within Irish Life Assurance, could not be reached for comment.
ILIM has around €2bn worth of assets under management.
It is headed by managing director Patrick Burke while Colm O'Neill is chief investment officer.
Numerous investment funds have been putting money into the real estate market in the years since the crash, as they look to take advantage of surging prices and get a higher yield than bonds. The "hunt for yield" has dominated recent private equity deals.