Patrizia launches second German core property fund
Patrizia has created a second fund to invest in core commercial real estate in Germany, aiming to raise €600 million ($670 million). Gewerbe-Immobilien Deutschland II has attracted approximately 30 institutional investors, including savings banks, cooperative banks, professional superannuation schemes and pension funds.
The fund seeks office and retail properties in the range of €10 million to €50 million ($11 million to $56 million). And Gewerbe-Immobilien Deutschland II has started to invest its capital. Its first acquisition is the 279,862-square-foot Oval Office building in Hamburg’s City Nord district.
The target volume is almost twice the size of its predecessor, Gewerbe-Immobilien Deutschland I, which launched in 2012. It reached its targeted volume of approximately €350 million ($391 million). Its portfolio includes 11 properties in locations including Düsseldorf, Frankfurt, Hamburg and Munich.