German Landesbank Nord/LB and asset manager Warburg HIH Invest have joined forces to launch Fonds HIH Top 7 Deutsche Metropolen Immobilien Invest, a €75m real estate fund aimed at German institutional investors.
The open ended real estate fund invests in commercial real estate, predominantly office spaces in Germany’s seven biggest cities. The portfolio is managed by Warburg HIH Invest.
Its first investment is Palais Behrens, a 7.400 square meter office space in Berlin Mitte.
“The Spezialfonds Top 7 Deutsche Metropolen Invest has successfully expanded our product range for institutional investors, banks and Sparkassen” comments Hinrich Holm, head of Capital Markets at Nord/LB. “The successful launch of distribution activities and the swift sale of more than a third of the fund’s initial capital confirms the attractiveness of the fund for investments in German real estate” he adds.
Both parties aim to expand the fund’s volume by up to €400m.