German investment manager Deutsche Asset One has been awarded an exclusive mandate to manage a Union Investment alternative investment fund.
The Wohnen Deutschland Spezial fund has so far raised €250 million out of a target of €750 million but Deutsche Asset One has declined to specify the time period.
Deutsche Asset One has conducted marketing for the fund and acquired 2,200 apartments worth €200 million.
As part of its consultancy mandate, Deutsche Asset One will assume responsibility for deal sourcing, transaction management and asset management for the fund.
Thilo von Stechow, managing partner of Deutsche Asset One, said: “The acquired residential units will be placed in the experienced hands of a portfolio manager with a long-term outlook.”
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