Industry News

German investment manager Deka Immobilien has acquired the Cubes office property in Düsseldorf from Axa IM Alts. Financial details were not disclosed. Axa IM Alts divested the property on behalf of a client. The office, which was completed in 2012 and is located at Cecilienallee 6–7, comprises a leasable space of 15,000 m2 and 225 parking spaces. It will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The three offset cubes that form the property have...

German property firm Patrizia has emerged as the buyer of a large EUR314 million student accommodation portfolio in Denmark from European private equity real estate investor Deutsche Finance International (DFI), acting on behalf of DFI’s inaugural fund, DFI Value-Add Fund I (DFI EVAF). The 40,500 m2 portfolio known as Blækhus was established by DFI in 2018 with the intention of creating the leading Danish student accommodation brand. It consists of purpose-built student accommodation (PBSA) assets in Copenhagen and Aarhus, comprising...

European ‘dark green’ residential impact fund, Catella European Residential Fund III (‘CER III’) has hit over EUR750 million in AUM at the end of 2021, after acquiring a senior living property in Brussels for over EUR50 million from Bassem Certificates, a real estate company managed by the Belgian Bank Degroof Petercam. Maastricht-based Catella Investment Management Benelux (CIMB) and Berlin-based Catella Residential Investment Management (CRIM) bought L’Ecrin Vert, on the corner of Rue Jacques Bassem and Chausse´e de Wavre in the...

Principal Real Estate Europe has acquired a core logistics asset for EUR25.73 million in Milan, Italy, for the Principal European Core Fund. Located at Via Molina 76, Milan in Italy, Vignate is a newly developed 29,000 sq m logistics asset fully let on a long-term lease to Multilogistics S.P.A., a 3PL company serving the local and international markets. As part of the Principal European Core Fund’s strategy to become carbon neutral by 2030, Vignate has excellent asset management opportunities, with...

Nordic real estate investor NREP said on Wednesday that it has raised EUR608 million in additional funding for NREP Income+ (NIP), its open-ended fund aimed at long-term investments into modern logistics facilities, middle-income residential, offices and care homes. The second closing has grown the fund by 50%, taking the total funds raised to EUR1.6 billion, with two thirds of commitments comprising top-ups from existing investors, with the remainder from new institutions. As the largest ever core-plus Nordic fund, NIP provides...

Meadow Partners is seeking $400 million in equity from institutional investors on behalf of Meadow Real Estate Fund II, to target assets in New York and London for its latest opportunistic real estate vehicle. Meadow Partners was founded in 2009 by the former investment committee co-chair of Westbrook Partners, Jeffrey Kaplan. The firm’s debut fund, which closed on $235 million in equity in July 2009, has invested in deals totalling $750 million and is now fully invested. PERE – 31...