Investment manager UFG Real Estate Managers has announced the re-opening of its SCPI investment vehicle, Epargne Fonciere, which has remained closed in the past 20 years.

The fund, which invests in commercial real estate in particular offices located in Paris and Ile de France, aims to raise EUR 40 mln of equity from investors in a first tranche of fund-raising due to be held by the second quarter of 2011. A second closing with an additional EUR 40 mln is planned for the second half of 2011.

The French investment manager said that the SCPI plans to invest the proceeds in the acquisition of two newly-developed office buildings as well as in the revamp of two existing properties.

UFG REM is the real estate management arm of UFG-LFP Group, 80%-owned by Crédit Mutuel Nord Europe. It manages several SCPI vehicles including Crédit Mutuel Pierre, Sélectinvest 1, Epargne Foncière and UFG Pierre, with EUR 5.8 bn of assets under management.

The company invested EUR 400 mln in the real estate market in 2010, and plans to plough at least EUR 500 mln into the sector in 2011.