Western property funds are moving into central and eastern Europe, with Austrian cash accounting for most trade over the past three years, according to Gareth Jones, Jones Lang LaSalle’s head of central European capital markets. He says it is the largest source of capital. This does not mean the money itself is Austrian – it is more likely to be from western European countries. Immoeast has been the biggest buyer, says Mr Jones, along with other Austrian buyers such as Meinl, CA Immo and Europolis.
Most large institutions have dedicated central and eastern European funds, and there is more to come after fund-raising last year when Axa, GLL, Heitman, AEW Europe and ING were among the most prominent operators.
