The BlackRock Eurozone Core Property Fund, which held its first close in May 2018 and raised €415 million ($474 million) from eight institutional investors, has made its first two acquisitions in Germany.
Both transactions are consistent with the fund’s multi-strategy approach: targeting reversionary assets, low vacancy assets, and assets in transitional markets, in an attempt to capitalize on emerging trends.
“We believe these acquisitions are a strong fit for the fund, given positive economic and demographic forecasts for Germany, and deal-specific characteristics,” said Ian Williamson, portfolio manager of the Eurozone Core Property Fund. “We expect them to be accretive to fund returns while also remaining liquid in the long run. Both acquisitions are DGNB Gold-rated and fit within the fund’s environmental strategy.”
The first acquisition is a class A freehold office property in the City Sud submarket of Hamburg, which is a key market within the
