German investor Commodus Real Estate Capital has announced the launch of its second fund, the Commodus Deutschland Fund II targeting an investment volume of €400 mln.
The vehicle, which has just completed its first closing, has a core-plus/value-add profile and focuses on offices in Germany’s top 7 cities.
'In light of the trend toward urbanisation and fuelled by a strong economy, the demand for modern office space in Germany’s top seven cities remains as strong as ever,' said Matthias Mittermeier, managing partner at Commodus.
The initial equity was raised from existing family office clients of Commodus as well as from new investors. The fund aims to raise a total of €150 mln of equity from both German and international investors, Commodus said.
The vehicle has made its first acquisition with the purchase of a 60,000 m2 office property at Gustav-Meyer-Allee 1 in Berlin-Mitte. The asset was purchased in an off-market deal for an undisclosed amount.
