BlackRock plans 2.5b euro Europe boost

Berlin

BLACKROCK, the world's biggest asset manager, plans to buy as much as 2.5 billion euros (S$3.8 billion) of continental European properties over three years - more than doubling its pace of investment - as its clients seek to take advantage of a weak euro.

"Investors, particularly from the US and Canada, are looking to diversify into European real estate," said Thomas Mueller, a portfolio manager who joined BlackRock's London office in February to oversee an increase in investment focused on office buildings in France and Germany. "The devaluation of the euro is clearly an interesting play for them."