Commerz Real has made €70m worth of investments for a newly launched renewable energy fund
The Commerz Real Institutional Renewable Energies Fund II fund has paid almost €40m to buy a 17.25MW wind farm near Parchim in Mecklenburg-West Pomerania from UKA Group and invested close to €30m for a stake in Veja Mate, the second-largest German offshore wind farm.
The manager said the fund intends to invest in as many as 10 onshore and offshore wind farms, solar farms and other assets with a total volume of up to €500m.
The fund, which has a maximum term of 25 years, will target assets in Europe and as much as 25% of the investments can also be made in other OECD countries, the manager said.
Commerz Real said two-thirds of the investments will target core and core-plus assets and up to a quarter of the capital may be invested in value-added and opportunistic real estate.
Johannes Anschott, the member of the board of management of Commerz Real responsible for institutional business, said:” With our second renewable energies special fund we are offering international investors above all the possibility to enter a rapidly growing future market, and thus allowing them to profit from our asset management experience which goes back more than twenty years in this segment.”
Commerz Real is launching the fund through its Luxembourg-based company CR Fund Management.