German fund manager KanAm has unveiled a third joint venture project with developer Pantera for its German development fund, this time building a serviced apartments complex in Munich East.
The scheme will comprise around 80 serviced apartments, a restaurant and underground parking on the site of an existing property owned by Pantera Mikro München III.
According to the agreement, the KanAm fund will finance the property purchase and provide the required equity and mezzanine capital, while Pantera will be responsible for the conceptual design and management of the technical and planning aspects. KanAm Grund will act as investment advisor. The fund aims to sell the property to institutional investors once the concept design is completed.
KanAm's other two development projects with the Cologne-based firm include 121 micro-apartments in Esslingen near Stuttgart, and the construction of 200 serviced apartments at Gutleutstrasse in the center of Frankfurt am Main.
The German fund manager said it has also acquired another development scheme, the Da Vinci Campus office, from CV Projektentwicklung for the same fund. This scheme comprises around 20,000 m2 and is also located in Munich East.
The target investment volume of the KanAm Grund German development fund, which was launched in 2018, is around €700 mln with a three year horizon.
The fund is managed by Augeo Capital Management SA (formerly Warburg Invest Luxembourg) as alternative investment fund manager.
