Cornerstone Real Estate Advisers is investing in value-add real estate for a German pension fund.
The investment manager said it will manage a new separate account – structured as a fund – for the unnamed institutional investor.
Cornerstone will invest in Germany, as well as other European countries where it has an office, according to Matthias Gerloff, managing director and head of institutional investment solutions.
The company has also opened a Spain office, appointing Adolfo Favieres from HIG Capital as country head of Spain.
The manager typically focuses on office and retail assets.
Cornerstone said it bought City West, a 6,000sqm office asset in Berlin, for the mandate.
“Suitable properties, in good locations, might have challenging requirements for revitalisation/refurbishment and/or major letting issues, to which we can apply our active asset management approach,” Gerloff said.
The account follows Cornerstone’s mandate from insurance firm Stuttgarter Versicherungsgruppe earlier this year.
Cornerstone bought a Frankfurt office property for Stuttgarter’s Immobilien-Spezialfonds (SIS) division in April.
As reported last year, Cornerstone took on €1bn in office and retail assets, as well as five offices and 38 staff in Germany, after buying Pamera Asset Management.
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