Investor Hamburg Trust has collected €68 mln from private investors for the placement of its latest retail fund.
Investor Hamburg Trust has collected €68 mln from private investors for the placement of its latest retail fund.
The ‘shopping edition 3’ fund is the company’s largest vehicle so far and will be fully placed in the Milaneo shopping centre which is being developed by ECE in Stuttgart. The fund will invest €148 mln in the project in total.
Investors are predicted to receive annual payments of 6% from 2015 onwards, rising to 7%. After the end of the scheduled term of the fund in 2030 and the successful sale of the property, Hamburg Trust is forecasting a total return of 250.5% before taxes.
The total investment for the development is expected to run to €396 mln with Hamburg Trust participating with €307 mln and ECE taking the remainder.
In mid-April, the company began the sale of a second vehicle for retail investors. The fund, called 'shopping edition 3.2', has equity of € 48.3 mln plus premium.
In addition, a second fund of the FORum series with an investment volume of about €60 mln to €70 mln is planned for autumn 2013.
‘We are confident that we can place these funds in a short time,’ said Hamburg Trust CEO Dirk Hasselbring.
Construction work on the Milaneo mall has already started and the opening is scheduled for spring 2015.
