Portuguese property group Sonae Sierra has announced the launch of a new German retail property investment fund targeting €200 mln worth of assets.
The open-ended vehicle, called Sierra German Food Retail Income Fund I, is dedicated to institutional investors and will invest primarily in the food retail real estate sector in Germany, with a focus on discounters and supermarkets as well as on hypermarkets across Germany, preferably stable stand-alone properties.
The fund launch is in line with the group's plans to expand its fund management business, Sonae Sierra said in a statement.
The vehicle has been seeded with a portfolio of five supermarkets covering 6,500 m2 operated by Aldi, Rewe and Netto.
Christoph Billwiller, who leads Sonae Sierra’s investment management team in Germany, said: 'The creation of this new open AIF represents a new landmark for Sonae Sierra in Germany and offers a solution for professional and institutional investors, looking for stable long-term income, managed by an experienced team with combined asset management and investment management know-how. It is part of Sonae Sierra’s strategy to increase our exposure to new real estate investment vehicles, capitalizing on our international experience and on the track record we have built with multiple institutional investors over the last 30 years.'
Sonae Sierra currently manages more than €5 bn across 12 different investment vehicles with a portfolio of real estate funds and operating assets across Europe.
