Real IS has bought its first asset for an open-ended Europe real estate fund it expects to launch in the first quarter of next year with a €300m seed assets.

The manager’s Realinvest Europa fund has acquired the five-storey Moermanskkade 300 office building in Amsterdam’s Houthavens district for an undisclosed sum.

The asset was acquired from a private seller.

Real IS said the 5,000sqm building, which was constructed in 2018 is currently let to six users.

Axel Schulz, head of global investment management at Real IS, said: “With this acquisition, we are making sure that our investors can benefit from the development of this attractive Amsterdam submarket, which is well-positioned to enjoy continued future growth.”

Jochen Schenk, CEO of Real IS, said: “Having concluded this acquisition for our first open-ended product for private investors, we have taken the first step to implementing our clearly defined investment strategy.

“The property is modern, has a high occupancy rate and is in a sustainable micro-location with great potential.”

Schenk said the Amsterdam office market also has an attractive risk-return profile and benefits not only from falling vacancy rates but also from rising prime rents, especially in attractive waterfront locations.

Real IS said the core and core-plus commercial real estate fund is due to go public with a seed portfolio of up to five properties with an investment volume of about €300m in the first quarter of next year.

Further acquisitions for the seed portfolio are due to be announced shortly, the manager said.