Commerz Real has made 鈧�70m worth of investments for a newly launched renewable energy fund
The Commerz Real Institutional Renewable Energies Fund II fund has paid almost 鈧�40m to buy a 17.25MW wind farm near Parchim in Mecklenburg-West Pomerania from UKA Group and invested close to 鈧�30m for a stake in Veja Mate, the second-largest German offshore wind farm.
The manager said the fund intends to invest in as many as 10 onshore and offshore wind farms, solar farms and other assets with a total volume of up to 鈧�500m.
The fund, which has a maximum term of 25 years, will target assets in Europe and as much as 25% of the investments can also be made in other OECD countries, the manager said.
Commerz Real said two-thirds of the investments will target core and core-plus assets and up to a quarter of the capital may be invested in value-added and opportunistic real estate.
Johannes Anschott, the member of the board of management of Commerz Real responsible for institutional business, said:鈥� With our second renewable energies special fund we are offering international investors above all the possibility to enter a rapidly growing future market, and thus allowing them to profit from our asset management experience which goes back more than twenty years in this segment.鈥�
Commerz Real is launching the fund through its Luxembourg-based company CR Fund Management.
