Alt+kelber, part of Vienna-listed residential property company Conwert, is taking on the asset management for a new closed-end property fund established by DWS, Germany's largest fund company. The planned fund volume of DWS ACCESS Wohnen is EUR 120 mln.
Alt+kelber, part of Vienna-listed residential property company Conwert, is taking on the asset management for a new closed-end property fund established by DWS, Germany's largest fund company. The planned fund volume of DWS ACCESS Wohnen is EUR 120 mln.
Alt+kelber will be responsible for identifying, examining and buying properties and for building stock development, rent management and sale of the properties throughout the entire lifetime of the fund. The defined initial portfolio of the closed-end fund comprises 22 properties in 11 German cities (including Berlin, Dusseldorf, Hamburg, Frankfurt and Dresden) and partly consists of properties in the Conwert portfolio.
Conwert said that the property assets are to be increased up to the maximum fund volume through successive additional purchases. There are no plans for Conwert to hold a stake in the closed-end fund.
'This mandate from DWS enables us to further expand our services business,´ Conwert chairman Johann Kowar said in a statement. 'We are realising valuable synergies here: our customers benefit from our experience in managing property portfolios, and we can significantly diversify our service income by managing external portfolios.
The DWS fund is a closed-end investment product via which investors indirectly invest in existing properties in selected German metropolitan areas. The fund pursues a dual strategy, with income being generated from both rental and sale of properties.
The subscription period for DWS ACCESS Wohnen runs until 31 October 2009 in Germany.
