Deutsche Asset Management has raised €120 million ($133 million) in commitments from institutional investors at the anchor close of its European Property Debt Fund II.
The fund is the second in the firm’s European Property Debt Fund series and will focus primarily on first-ranking whole loans ranging from €25 million ($27.71 million) to €75 million ($83.13 million). The strategy targets mid-market real estate investments across Western Europe, including the Benelux region, France, Germany, the Nordic countries, Spain and the United Kingdom.
Target sectors include logistics, residential, student housing and prime office properties. The un-levered strategy aims to generate annual cash distributions of 5 percent to 7 percent and a net internal rate of return of 6 percent to 7 percent.
Deutsche Asset Management plans to seek additional commitments from institutional investors across Europe, the Middle East and Asia during the next 18 months.
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