Hamburg Investment Management (HTIM) has launched a new German residential real estate fund for institutional investors, with a planned volume of €250 mln.
The amburg Team Urbane Wohnwerte vehicle is structured as an open-ended special alternative investment fund (AIF). The fund will invest in residential properties in inner-city locations of growing large and university cities in Germany. HTIM said that a large portion of the planned equity of €140 mln had already been subscribed.
'We are delighted that the long-term experience of our company, coupled with an attractive launch portfolio, convinces the investors,' commented Nikolas Jorzick, managing partner of HTIM. The launch portfolio consists of two new projects in Hamburg-Barmbek with around 100 rental housing units and Berlin-Charlottenburg with around 90 rental housing units. The two properties have a total investment volume of around €50 mln.
'Our goal is to invest the total investment volume within 24 months and ultimately achieve an annual dividend yield of 4% for the investor,' added Jorzick.
The fund is being administrated by the Service-KVG Hansainvest. Marc Dreissen, managing director of Hansainvest added: 'For almost 20 years, the Hamburg Team Group has been developing urban-quarter developments and is one of the most experienced players in the market, particularly for residential real estate. I am very pleased that we were able to convince Hamburg Team as a partner for their first fund by combining expertise in real estate and professional KVG services.'
