PAMERA Asset Management GmbH has begun to acquire properties for the Stuttgarter insurance group's newly-launched SIS (Stuttgarter Immobilien-Spezialfonds) individual real estate fund. The focus is on retail and office properties with lot sizes of 15 to 30 million.
PAMERA is concentrating on the German market, with its sights set on core and core-plus properties in prime (A and B) pitches in the top seven locations (Munich, Stuttgart, Frankfurt, Dusseldorf, Cologne, Hamburg, Berlin).
The new SIS real estate fund is exclusively designed for the Stuttgarter insurance group, where it will create a focus for indirect investment in real estate. Its assets are mainly financed by equity capital.
Gunther R. Deutsch, a director of PAMERA Asset Management GmbH, explains: "The properties envisaged for acquisition in Germany must have a well-balanced tenant mix and either have been built since 2000, or recently fully refurbished. We are also prepared to consider retail properties in prime (A) locations in medium-sized towns, preferably in southern Germany."
Norbert Bildmann, Head of the central real estate department at Stuttgarter Insurance, comments: "In PAMERA Asset Management are pleased to have gained a specialized and experienced real estate manager for this new fund structure in the real estate market. Together with the partners involved, the investment policy of the fund will be clearly oriented to consistency, stability and quality."
The administration of SIS will be carried out by the Institutional Investment Partners Kapitalanlagegesellschaft (investment trust), which is focused on institutional investors. The fund assets are spread over various regions.
In addition to PAMERA Asset Management, which is responsible for purchasing properties in Germany, GLL Real Estate Partners, Munich will carry out further acquisitions in major cities in other European countries.
Source: Pamera Asset Management