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Optimum in €198m German fund exit

The Berlin and London-based real estate fund manager has sold its Optimum Evolution SIF – Property I Fund to German real estate company IMMEO.

Berlin and London-based real estate fund manager Optimum Asset Management has sold its Optimum Evolution SIF – Property I Fund to German real estate company IMMEO for €198 million.

IMMEO purchased the Germany-focused investment fund on behalf of its French parent company, Foncière des Régions. The fund, which was launched in 2009 and which was fully invested by 2011, acquired and managed 931 residential and commercial properties in Berlin.

The firm is very satisfied with the outcome of the deal, and given the current market context expects to replicate this result in its other German property funds, Alberto Matta, Optimum’s chief executive, said. “Market trends in Germany, as shown by this transaction, make us even more bullish about the future performance of the funds still held in portfolio: Property II and Property III”.

Optimum’s Fund II, which closed on €130 million back in 2011, follows the same strategy as Fund I and comprises 2,169 units with a total value of €405 million as of 31 December, 2014, according to a Jones Lang LaSalle valuation, and a current rental yield of 7.5 percent.

Optimum’s Fund III is focused on the residential and commercial market in Germany, concentrating on Berlin and Dresden. Optimum is still fundraising for the vehicle and has not yet reached a first close.

Optimum has 45 staff in offices in Berlin and London. It has total assets under management of approximately €1.4 billion.