Bank of Ireland is raising €150 million ($214 million) in equity for a new European retail property portfolio, which is expected to ultimately have up to €425 million worth of leveraged assets. Designed to allow individual investors the opportunity to tap into the capital growth of retail commercial properties through a dedicated property portfolio, access to the fund is being jointly offered by its private banking and life assurance arms. The portfolio is targeted at experienced investors seeking growth and who are prepared to accept an element of risk. The minimum investment required to participate in the fund is €50,000 and the fund will close on 31 January 2008, or sooner if fully subscribed. Bank of Ireland Private Banking will manage the portfolio with the objective of maximising returns. It currently has property assets of around €2.6 billion under management on behalf of their clients. "Retail parks continue to be the most sought after commercial property in the European market, with total investment volume reaching €15 billion in 2006, reflecting a 60 per cent increase from 2005," said Peter Collins, director of Private Banking at the firm. At launch, the portfolio will have stakes in two properties, with over €100 million of the equity committed to a 14.25 per cent interest in a retail park in Liverpool and a 42 per cent holding on a shopping centre with a retail park in the Zaragoza region of Spain. The remaining equity will be allocated to a third unidentified property in Europe.