RREEF's Spezial Invest funds have reached their 2010 target of acquiring EUR 500 mln-worth of properties for its institutional investors and the fund manager plans to spend a further EUR 300 mln before the end of the year.

RREEF's Spezial Invest funds have reached their 2010 target of acquiring EUR 500 mln-worth of properties for its institutional investors and the fund manager plans to spend a further EUR 300 mln before the end of the year.

Overall, the funds has purchased 20 properties for a total investment volume of EUR 528.3 mln. Of these, 10 are located in Germany, three in Spain, two in France and one building each in the US, UK, Italy, South Korea and Japan.

The highest price paid for a single property was the Prime Towers in Seoul, South Korea, with an acquisition price of around EUR 100 mln. Office and commercial properties were the primary acquisition targets, but hotels, logistics properties and nursing homes were also included.

In addition, the fund purchased Siemens' headquarters in Rome - a property which the European Commission recognized with the European Green Building Award for being the best renovated property in Italy. All properties acquired are fully-let with long-term rental agreements.

The tenants of the other acquired properties include numerous international corporations such as BBVA (Banco Bilbao Vizcaya Argentaria), LG Consulting and Solutions and the advertising agency, Leo Burnett. The entire portfolio of the eight RREEF special funds has increased to 120 properties following the recent acquisitions and now features an overall fair market value of approximately EUR 2.5 bn.

'Based on the investment commitments of our clients, we had planned to invest around EUR 500 mln in real estate for RREEF's special funds this year. Due to the number of excellent real estate offerings we received in early 2010, we were able to realize our plan in July. Having received further significant capital commitments this year, we will take advantage of the current market situation to make additional investments in Europe, Asia and North America. We aim to invest a further EUR 300 mln by the end of the year,' said Georg Allendorf, speaker of the management board of RREEF Germany.