Project launches new property fund
German real estate asset manager Project Investment has announced the launch of Metropolen SP 2, a property development fund aimed at semi-professional investors.
The fund, which invests in properties in Berlin, Frankfurt am Main, Hamburg, Nuremberg and Munich, Cologne, Düsseldorf and Vienna and aims at a total volume of €40m, it is open to investments from €200.000 on.
The Aifmd compliant fund is also regulated according to the German Kapitalanlagegesetzbuch and will invest in at least five properties located in at least three of the above cities.
The fund will run over a 7.5 year period with an option to extend investments for an additional two years. It aims to achieve an annual return of 7% after fees.
It starts off as a blindpool, meaning that at the time of launching the fund, the properties to invest in are not predetermined.
Project currently manages €3bn in real estate assets.