The asset management arm of German insurer HUK-Coburg has doubled its commitment to Aukera Real Estate’s European debt fund to €100m, marking the vehicle’s second close.
HUK-Coburg Asset Management (HAM) has added a €50m commitment to Aukera Real Estate Debt Fund I, following its initial anchor backing of up to €50m secured in May 2025.
Fund I, which has a €500m target, provides senior secured loans backed by office, retail, logistics, mixed-use, residential and hotel properties.
Its geographic mandate focuses initially on Germany, the Netherlands and Austria, with scope to expand across continental Europe, Aukera said.
The manager is targeting individual loan sizes of €10m to €20m, with the capacity to scale financings up to €40m as the fund grows. Typical loan terms run for two to three years at loan-to-value or loan-to-cost ratios of 70% to 75%.
Patrick Züchner, CIO at Aukera Real Estate, said: “HAM’s decision to double its commitment is a strong vote of confidence. The additional capital allows us to pursue further opportunities in alternative real estate lending.
“What matters is that every financing meets our requirements for security and an appropriate risk–return profile. We expect to complete further transactions before the end of this year.”
Maximilian Cosack, head of private assets at HUK-Coburg Asset Management, said: “Our positive experience with the Aukera fund and the trust we have developed in Aukera’s management team prompted us to increase our commitment. Our €100m commitment is a strong fit with our real estate debt portfolio.”
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