In Continental Europe our core markets are France, Spain and Italy, where we continue to expand our activities and hone our skills from our offices in Paris, Madrid, Milan and Luxembourg. Our focus is the retail sector where we invest in high streets, out of town retail warehouses, shopping galleries and shopping centres. We believe this market offers the most attractive risk adjusted returns.
We have concentrated on core plus opportunities that mix stable income profiles with the opportunity to unlock longer term capital growth. Our first fund, Grosvenor Retail European Properties, has a European focus and is now fully invested in over 50 properties. This was followed by a dedicated French Fund, Grosvenor French Retail Investments, currently establishing a well spread portfolio. Activity in shopping centres is channelled through Sonae Sierra, 50% of which is owned by Grosvenor. Sonae Sierra is active in six European countries and Brazil.
We also follow the office sector closely, and having established a Joint Venture portfolio, are considering the strategic options available to us as the markets evolve.
If you would like more information on our business activities in Continental Europe please submit your request here.