Union Investment and Investa Capital Management have launched an alternative investment fund targeting German office campus properties.

The Urban Campus Nr. 1 vehicle is the first special AIF in Germany to target offices with co-working space.

Campus properties with multiple tenants that attract small and medium-sized enterprises and start-ups are being targeted for the fund.

Assets near scientific facilities and in vibrant and professionally managed developments will be preferred, the firms said.

Christoph Schumacher, a member of the management board at Union Investment Institutional Property, said: “This new concept is aimed predominantly at institutional investors looking for strong ongoing income and wanting to broaden their real estate exposure to include this exciting emerging segment.”

Investa Immobiliengruppe specialises in positioning, implementing and managing campus properties.

Rainer Thaler, managing director at ICM, said: “In future, what an office building is and what it needs to deliver will be redefined.

“There is no doubt, however, that it will include an environment focused on well-being and a high service density at the location.”

Union Investment and ICM intend to develop their partnership by establishing more real estate solutions for institutional investors.

“We have many new areas in mind where our competencies are an excellent match,” said Schumacher.