Teesland iOG is set to raise €370 million ($500 million) for its latest real estate vehicle, the German Aktiv Property Fund.
The company, whose chairman Kevin McCabe is also chairman of Sheffield United Football Club, hopes to invest €2 billion in the German property market, including leverage.
David Seddon, the firm’s chief investment officer for Europe, said in a statement: “The German Aktiv Property Fund is very well positioned to benefit from the resurgence of the German economy.” He also said that other Aktiv branded funds would follow in the near future.
The launch follows that of the Nordic Aktiv fund, which has raised over €300 million to invest primarily in multi-let commercial properties in Denmark, Sweden, Finland and Norway. The vehicle is targeting an internal rate of return of 12 to 14 percent.
Investors in that fund are predominately British pension funds and European fund of funds, including Morley Fund Management, Schroder Property Investment Management, Henderson Indirect Property Fund (Europe) , F&C Property, BlackRock, CBRE Investors and the Dutch pensions group Achmea Real Estate.
Teesland launches €370m Germany fund
The German Aktiv Property Fund is the second vehicle launched in the past six months by quoted UK and European property fund Teesland iOG, which launched its Nordic Aktiv fund last November.
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