German listed property group IVG said on Thursday that it has placed EUR 100 mln worth of units in its IVG EuroSelect 21 Munich closed-end property fund in just six weeks.
German listed property group IVG said on Thursday that it has placed EUR 100 mln worth of units in its IVG EuroSelect 21 Munich closed-end property fund in just six weeks.
The vehicle, which is targeting a total equity volume of EUR 205 mln, was set up to invest in insurance group Allianz's largest site in Germany, located in Munich's Unterföhring district.
The property consists of a central administrative building, an operations office as well as the group's largest data centre worldwide. Both buildings, which offer a combined 131,000 m2, are let to Allianz until at least 31 December 2024. The site currently houses around 6,300 Allianz Group employees, with a further 1,500 set to move in by 2014.
With a total investment volume including debt of EUR 330 mln, the IVG EuroSelect 21 Munich fund is forecast to distribute an annual 5.5%. IVG is a co-investor in the fund with over EUR 21 mln.