LB Immo Invest, a co-operation of HSH Nordbank, Real IS and Landesbank Hessen-Thüringen, has started a new Europe oriented real estate fund. The LB Büro-Invest Europa 1-fund, the second in LB Immo Invest’s category of special funds, will invest about € 600 mln in offices in the major capitals of Europe, 15% of which (about € 90 mln) are situated in the Benelux.
The fund emphasizes an investorial mix of 25% in Germany, 25% in France, 15% in Italy, 15% in the Benelux, 10% in Spain and 10% in the new members of the EU. The fund will mainly invest in objects with an average amount of about € 45 mln. The estimated return on investments of the fund are 6,25% a year.
In 2002 LB Immo Invest started their first fund, LB Handels-Invest, focused on investments in retail. New funds focused on living, logistics and hotels are about to follow.