Ulster Bank has launched a new European Property Investment fund in association with its stockbroking subsidiary, NCB.

The investment is through Europa Immobilia Certificates, which have been developed by Merrill Lynch and are effectively investments in the European real estate market that can be bought and sold by investors.

The certificates are being distributed across Europe, with Ulster Bank and NCB distributing them in the Republic. Investors can subscribe for the certificates until June 22nd, 2001, at an issue price of €100 (£78). The minimum investment is €10,000. and the maturity date is June 27th, 2008. Certificates may be bought and sold on a daily basis and are being listed on a number of European stock exchanges.

The certificates provide exposure to the commercial real estate market by tracking the performance of the European Public Real Estate Association (EPRA) Index, which measures the performance of more than 80 European real estate company stocks from 15 countries. The EPRA Index has performed ahead of other real estate benchmark indices. Between December 31st, 1999, and May 15th, 2001, the index rose by 18 per cent.