The real estate manager of German landesbank BayernLB, Real I.S., launched an office and retail property fund with a capital target of at least €1 billion, according to a report by Property Investor Europe.
Besides office and retail core and core-plus assets in Germany, the Real I.S. Themenfonds Deutschland II fund will also invest in residential, hotel and logistics properties within its planned term of 10-12 years.
The fund, which will be 50% funded by debt, will aim for a yearly average payout of 3.5%, according to the June 6 report. Real I.S. board member Jochen Schenk added that the fund was already in the "investigation" phase for its first potential investment.
Currently, Real I.S. has upwards of €7.2 billion worth of assets under management internationally, according to its website.