German real estate investment manager Hamburg Trust raised a record €147 mln of equity from investors in 2013, mainly for the Milaneo shopping centre in Stuttgart which it acquired in 2012.
German real estate investment manager Hamburg Trust raised a record €147 mln of equity from investors in 2013, mainly for the Milaneo shopping centre in Stuttgart which it acquired in 2012.
Last year's equity raise 'significantly' exceeded the figure for 2012 when €90 mln was raised, the company said.
Most of the equity was raised through two funds - shopping edition 3 and shopping edition 3.2 - which invested €68 mln and €48 mln respectively in the Milaneo mall.
Hamburg Trust acquired around 78% of the Milaneo shopping centre's property company and the underground car park from developers ECE and Strabag RE in 2012. The investment volume for the shopping centre and the 1,680 parking spaces amounted to around €400 mln.
Besides the Milaneo shopping centre, the remainder of the equity raised in 2013 went to a student hall in Mainz (domicilium 10 fund), an office building in Karlsruhe (Forum Park Office fund), an apartment complex in Böblingen (domicilium 7 fund) and two US funds.
The investment volume placed last year by these funds amounts to roughly €411 mln.
'More than ever investors look for excellently managed real estate at prosperous locations', said CEO Dirk Hasselbring.
The company intends to further increase its market share in 2014 by investing in shopping centres, residential real estate, office buildings and nursing homes.
Hamburg Trust recently received permission from the German Financial Supervisory Authority (BaFin) to operate as a Capital Management Company (KVG). This means it can issue domestic closed-end special Alternative Investment Funds (AIF) and domestic closed-end retail AIF as well as EU and foreign AIF for the real estate sector in accordance with new German capital investment legislation.
