This open-ended fund with unlimited duration invests in very large office properties in the U.S.. A core strategy is pursued, i.e. the fund invests in existing, highly valuable buildings which are then held long-term. The goal is to generate stable current revenue. As of 30 September 2006, the fund holds shares in twelve properties. AFIAA's capital commitment is entirely drawn down and invested.

499 Park Av.
Manhattan NY
27'217 m²
 

1200 19th Street
Washington, D.C.
21'979 m²
 

1 Shell Plaza
Houston, TX
114'045 m²
 

This closed-ended fund invests in Europe; in office, residential, and retail property. A value-added strategy is pursued, i.e. the fund acquires real estate with development potential in order to resell it after a short holding period. The goal is primarily to increase profits resulting from appreciation, but also current revenue. As of 30 September 2006, the fund is holding four properties in Madrid, Barcelona, London, and Paris.