F&C REIT Raises €170 Million for Spezialfonds
F&C REIT Asset Management has received equity commitments from institutional investors of €170 million for the Best Value Germany I Spezialfonds. With leverage, the fund will have €300 million to invest in core and core-plus properties in Germany.
The fund will target prime retail in mid-sized and large cities in Germany, as well as some office assets. Some €30 million has already been invested, while another €150 million of property is undergoing due diligence. The fund’s investment phase is expected to be completed by the end of 2013.
“We have seen strong demand from institutional investors for core and core-plus properties in secondary cities in Germany. The combination of more stable valuations and rental yields in comparison to those in larger cities makes these locations an ideal addition to institutional property portfolios,” says Iris Schöberl, managing director of F&C