German fund manager Commerz Real has created a €500m fund to acquire infrastructure assets.

Commerz Real, through its Luxembourg-based company CR Fund Management, has set up CR Institutional Infrastructure Multi-Asset Fund II.

The 15-year Multi-Asset Fund II fund will target assets in Europe as well as outside of the European Economic Area. The investment strategy is geared to core and core-plus, but may be supplemented with selective opportunist shareholdings, the manager said.

Multi-Asset Fund II will invest in at least six to eight infrastructure projects and targets an internal rate of return of 6% to 8% per annum.

Johannes Anschott, a board member at Commerz Real, said: “With this internationally established structure we are consciously also addressing foreign investors.”

Commerz Real plans to use majority of the capital raised to buy energy infrastructure. The remaining will be invested in the transport and other infrastructure projects, it said.

“With the new fund we intend to give our investors the possibility to profit from the attractive opportunities of a segment whose capital requirements are soaring worldwide, and in doing so to utilise our many years of experience in the infrastructure sector,” Anschott said.