Shore Capital has raised €135 mln in the first close of a fund set up to invest in German residential property.
Shore Capital has raised €135 mln in the first close of a fund set up to invest in German residential property.
The Brandenburg Realty fund will seek well-located, high-quality assets in major German cities, with a focus on Berlin.
The investment group said the bulk of the capital had come from institutional investors and family offices in the US, as well as a co-investment commitment of €12.5 mln from Puma Brandenburg Limited.
Brandenburg Realty anticipates one further close within three months to reach its target of €250 mln.
Howard Shore, executive chairman of Shore Capital, said: 'With our team on the ground in Berlin, we are perfectly placed and have the in-house expertise to assist the new vehicle in executing its strategy to acquire well located, high quality residential buildings in major German cities.'
