US-based developer-investor Tishman Speyer has announced plans to launch a new residential product for German institutional investors.
The Tishman Speyer Wohnen Deutschland (TSWD) is a special fund focusing on the acquisition of centrally located and well-connected new residential properties in cities and metropolitan regions in Germany with stable rental demand, positive demographic trends and strong regional economies.
TSWD is designed as an open-ended special AIF for institutional investors from the German-speaking countries. It aims to reach a volume of €500 mln and to distribute a yield of 3.5 to 3.75% per year.
To keep up with the growth of its German business, Tishman Speyer has strengthened its team with the hire of three residential real estate specialists from Corestate. On the capital markets side, Charles Smith has joined the German team, while Guido Boltes and Alexander Kohrs have joined on the transaction side. Over the past years, the new team has successfully executed residential real estate transactions with a volume of around €1.3 bn for German institutional investors.
Charles Smith, who has been appointed senior director at Tishman Speyer, said: 'The demand for residential real estate has increased enormously among institutional investors. This makes reliable deal access and a strong network in the industry all the more important. We secured more than half of the transaction volume of the past years off-market. I am very pleased to now bring this expertise to the Tishman Speyer team together with Guido Boltes and Alexander Kohrs.'
Florian Reiff, senior managing director, added: 'We are pleased to offer German investors an attractive opportunity to strategically invest in new-build housing in the German market through this residential special fund with the new team and our longstanding project development expertise.'
