BlackRock Real Assets’ new Eurozone real estate fund has acquired its first assets for an undisclosed sum.
The open-ended Eurozone Core Property Fund bought an office property and a logistics portfolio in Germany last year, the manager announced.
The 15,700sqm office property in Hamburg is 94% occupied and the portfolio of two logistics warehouses totalling 3,000sqm is located in the Munich and Regensburg metropolitan regions.
Ian Williamson, the portfolio manager of the Eurozone Core Property Fund, said: “We are very pleased to have secured our first two investments in sought-after sectors within Germany, which is currently a highly competitive investment market.”
Williamson said the acquisitions are expected to be accretive to the fund “returns while also remaining liquid in the long run”.
The Eurozone Core Property Fund targets income-producing investments and invests primarily in offices, retail, and logistics, with selective exposure to the alternatives sector.
