Bouwfonds Real Estate Investment Management has announced that its open-ended Bouwfonds European Residential Fund has concluded three new acquisitions. The investments in Hanover, Marburg and Stockholm have a total value of EUR 33.6 mln.

All three investments involve the purchase of fully let residential property. The move increases the total number of locations in the fund's portfolio to 12.

Bouwfonds REIM aims to grow the portfolio of the residential fund to EUR 1.5 bn by the end of 2013. In cooperation with Catella Real Estate, which owns the KAG vehicle, Bouwfonds REIM is responsible for the entire fund and performance management through its local subsidiaries. The target return is 5% to 6% on an annual basis, following the Dutch BVI method.