The UBS (D) European Mega Core Property Fund, which recently sold the ‘Isartor City’ complex in Munich, is changing its name and will move away from focusing on large assets.

The fund was originally designed to invest €1bn in big-ticket deals, but its investors – all German institutions – have agreed unanimously to invest in smaller properties due to a lack of opportunities.

Last week, Allianz announced it bought the mixed-use Isartor complex for €120m. It was the fund’s only asset, which it acquired at the end of 2011.

Isartor City has generated a cumulative return of 27.8%, equating to an annual performance of 6.1%, between inception and the end of April 2014.

The renamed UBS (D) Core Opportunities Europe fund – pending regulatory approval – will now invest in properties with a minimum investment size of €20m.

According to a UBS spokeswoman, the fund will also apply a more active portfolio strategy. It will look for “opportunities in core markets” but also consider investments in European “growth regions” that were “considered non-core” but where this perception was likely to change in the future.

The spokeswoman said potential purchases were already “being assessed” for €100m in capital earmarked by the German institutional investors.