Berenberg and Universal-Investment have announced the launch of a new core/core-plus investment fund focused on Hamburg office properties.
The vehicle, which is targeting a volume of €350 mln, has already received equity commitments of about €100 mln and is planning to hold another closing next year aiming for some €100 mln of new capital.
The equity which has already been raised has been used to acquire a portfolio of four office buildings providing a total of around 11,800 m2 of lettable space. The assets are fully let to tenants with good credit ratings from various sectors.
In total, the fund will seek to build up a portfolio of 10-12 assets and is aiming for a distribution of 3.5% per annum.
‘The successful placement of our previous real estate funds shows the continued high demand for attractive investment opportunities in major German cities,’ said Ken Zipse, managing director of real estate at Berenberg.
