Focus Nordic Cities plans new acquisitions in Northern Europe

Focus Nordic Cities, an open-ended real estate fund managed by Catella Real Estate AG KAG, is planning to make new acquisitions in Northern Europe with purchases in Helsinki, Copenhagen and Hamburg slated for the next couple of months.

'We are looking for further investments and we have a deal pipeline for the next months,' a spokesperson for Catella KAG told PropertyEU. The company's fund, which focuses on investment in Northern European cities, has not witnessed increasing withdrawals from investors, contrary to Pramerica's TMW Immobilien Weltfonds. He added: 'Focus Nordic Cities invests in the north of Europe, which is not comparable to the Southern and Eastern European markets.'

Over the year 2009 Focus Nordic Cities saw a steady inflow of funds of EUR 80 mln, which increased the fund's net asset by around 22%. The vehicle acquired properties in the city centres of Oslo, Malmö and Hamburg last year and currently has a liquidity of close to 17%.

This week the company said that it has added the Hopfenburg fully-rented office and commercial building in Hamburg to its portfolio. The property, located in the heart of the city, represents the 26th property acquired by the fund, which holds assets worth a total of EUR 544 mln at present with an occupancy rate of 99%.

The vehicle which focuses on Norway, Sweden, Finland and Germany, generated a return of 4.6% in 2009.