Patrizia Immobilien is looking to raise €600m ($677m) for a second pooled fund to invest in German real estate.
The investment manager said the Gewerbe-Immobilien Deutschland II fund was backed by around 30 institutional investors, including savings banks, cooperative banks, professional superannuation schemes and pension funds.
The target volume of the new fund will be almost twice as much as Gewerbe-Immobilien Deutschland I’s €350m, which launched in 2012 and is fully invested.
The fund owns 11 assets in Dusseldorf, Frankfurt, Hamburg and Munich.
Jochen Reith, group head of institutional clients, said: “The success of the first fund made us all the more confident about our plans to launch another fund for this asset class.”
The manager bought the Oval Office building, in Hamburg’s City Nord district, for the second fund.