IVG raises EUR 100m for Warsaw fund

German listed property group IVG Immobilien has raised a total of EUR 100 mln in equity from institutional investors for its IVG Warsaw fund, launched in June 2011.

The special fund invests exclusively in nearly new office buildings in the centre of the Polish capital and has a target investment volume of EUR 200 mln.

Bonn-based IVG has already invested EUR 80 mln to acquire four properties for the fund, most recently the so-called Norway House at 19 Lwokska Street.

Investors in the fund include a German insurance company, a German pension fund and an institutional investor from Austria. IVG is not only the initiator, but is also responsible for fund and asset management via its branches in Vienna and Warsaw.

'The IVG Warsaw fund is part of our strategy to launch a greater number of clearly focused fund products in future in order to meet the changed needs of institutional investors and enter new markets successfully,' said Bernhard Berg, Chairman of IVG Institutional Funds.

The fund is to be fully invested by the middle of next year, IVG said.