A newly created real estate fund set up by German fund manager KanAm Grund Group has bought three properties worth over €130m.
In less than two months, the KanAm Grund European Cities fund - which was set up especially for a northern German pension fund - has acquired office buildings in the City of London and the French city of Lyon as well as a hotel in Antwerp, Belgium, the manager said.
In London, the fund has acquired 30 Moorgate office building. The building has been completely refurbished this year and is under long-term lease to Regus, the flexible office space provider.
The acquisition in France, Le Quadrille, is located in the 8th Arrondissement of Lyon. Le Quadrille, built in 2009, are two self-contained six-storey buildings. The lettable area of the entire property is currently rented by 14 different parties and used as offices and surgeries.
In the Belgian city of Antwerp, the fund purchased the project of an NH Collection Hotel in Pelikaanstraat 80-90. The hotel has 186 rooms and is due to be completed next year.
The KanAm Grund European Cities fund joins the other funds of the KanAm Grund Group’s specialised institutional investment funds. These funds include the Fokus Süddeutschland fund, focusing on southern Germany, and other KanAm Grund funds investing beyond Germany throughout Europe.
KanAm said it is planning to set up more specialist funds for semi- and professional institutional investors.