CBRE Global Investors has launched its first club fund for German investors, following the establishment of its German-regulated fund management company.
The Los Angeles-headquartered fund manager said it had set up its own Kapitalverwaltungsgesellschaft (KVG) after obtaining official approval to manage alternative real estate investment funds under German law.
A number of German investors are joining the club fund, which will buy office and retail properties in Germany’s biggest seven cities and improve them.
It will target locations benefiting from urbanisation and properties with scope to appreciate under a “manufacture-to-core” approach, CBRE Global Investors said.
Managing director Chris Wood said: “This is a good start and illustrates that we are bringing something to the German real estate market that investors want.”
Marius Schöner, country manager for Germany, said: “With the KVG, we are now able to offer German investors the possibility to invest by way of our own dedicated German fund management vehicle.”