Berlin-based investor Beos said that it has raised a total of EUR 175 mln in equity for its newly launched Beos Corporate Real Estate Fund I. The vehicle has a target volume of EUR 400 mln, including debt.
Berlin-based investor Beos said that it has raised a total of EUR 175 mln in equity for its newly launched Beos Corporate Real Estate Fund I. The vehicle has a target volume of EUR 400 mln, including debt.
Several institutions including a number of insurance companies and pension funds have invested in the fund.
'We see many attractive investment opportunities in the corporate real estate investment market. We therefore plan further acquisitions in the short term,' said Ingo-Hans Holz, managing director of Beos.
Beos expects to raise a total of EUR 230 mln in equity for the fund by the end of the year. Regional bank Landesbank Hessen-Thüringen (Helaba) is providing a EUR 170 mln credit facility to finance its acquisition plans.
The fund has purchased 10 properties in Berlin, Hamburg, Mainz, Karlsruhe and Stuttgart, providing a total of 280,000 m2. The commercial real estate assets are 98%-leased and offer an average lease term of seven years. 'They are rented to more than 80 medium-sized companies with good credit and broad industry diversification,' said Stephan Bone-Winkel, managing director at Beos.
Beos is the asset manager of the fund while Warburg-Henderson's IntReal International Real Estate KAG unit is taking over the administration and risk management of the vehicle, which is targeting an annual return of 7%.