Universal-Investment plans to raise 鈧�1 bn of equity for a new multi-manager property fund targeting commercial and residential real estate worldwide.
Universal-Investment plans to raise 鈧�1 bn of equity for a new multi-manager property fund targeting commercial and residential real estate worldwide.
The vehicle, which will target a size of 鈧�1.8 bn with leverage, will be the largest fund under the German investment law for Spezialfonds, the company said in a statement.
The fund has a core to value-added profile and focuses on existing office, retail, logistics and residential assets across the world with a market value of between 鈧�5 and 鈧�50 mln. It has already made its first investment with the purchase of an asset in Australia.
The vehicle represents a multi-manager mandate of three specialist asset managers. Universal-Investment is responsible for the fund administration.
'We are very pleased with the development of the real estate division,' commented Alexander Tannenbaum, managing director of Universal-Investment responsible for commercial real estate.
'Since its launch in the summer of 2011, we have created a total of 10 property funds with a total volume of 鈧�4 bn on behalf of institutional investors and asset managers,' he added.
In total, the Universal-Investment group manages 鈧�170 bn of assets.
