Bouwfonds Investment Management has bought three residential projects in Berlin, Dresden and Cologne on behalf of an institutional investor based in southern Germany.
The deal increases the size of the real estate Spezialfonds, managed on behalf of the unnamed Versorgungswerk, from €100m to €163m.
According to Bouwfonds, a further €240m in residential investments are planned for the fund over the next two years.
Bouwfonds is the portfolio manager for the residential strategy of the Spezialfonds, while Institutional Investment-Partners (2IP) is administering the masterfund as a KVG and risk manager.
Meanwhile, closed-ended fund specialist Doric Investment has joined forces with Swiss private bank Notenstein to launch their first open-ended real estate Spezialfonds.
Notenstein Sustainable Real Estate Europe “will adhere to a conservative investment strategy” with a target volume of €500m, according to Doric.
Doric confirmed it had been granted a licence under the new German regulatory framework (KAGB) to issue open and closed-ended alternative investment funds, including Spezialfonds.
Doric’s subsidiary Quadoro was mandated to manage the property portfolio and CACEIS Bank Deutschland has been named as custodian.
Another closed-ended fund provider, Dr Peters Group, has also used its KVG-license to issue a Spezialfonds.
The company has launched a hotel fund with a target volume of €150m advised by Colliers International.
Investments are to be made in developments in top locations as well as some assets in secondary locations.
TIAA Henderson Real Estate and Palmira Capital Partners bought the Lekkerland distribution centre Höchstadt for their German Logistics Spezialfonds.
The 11,850sqm asset in Bavaria was bought from Akkumula Immobilien for an undisclosed sum.