Property investment manager Peakside Capital has fully invested its second fund, PREF II, with a project volume totaling more than €600 million.

The fund targets value-add and opportunistic properties in Germany and has carried out seven investments so far, including two assets worth upward of €100 million, which have already been sold.

PREF II holds five office and mixed-use developments in the German cities of Frankfurt, Hamburg and Berlin, and its returns are estimated to beat its 20% target yield "substantially," according to a release.

Peakside Capital agreed to and closed the last three transactions for the fund, including the purchase of the approximately 11,000-square-meter Theodor Heuss Allee 108 asset in Frankfurt from a closed-ended fund previously managed by Axa Merkens.