The Bouwfonds European Residential Fund has acquired properties in Germany and Norway with a total value of EUR 29 mln. The two residential properties in Germany were purchased at a subsantial discount follwoing insolvency proceedings.

The first asset is valued at approximately EUR 8 mln and is a multi-family property located in the district of Charlottenburg in West Berlin. The second transaction concerns a recent multi-family property located in Karben near Frankfurt. The property, which is valued at around EUR 11 mln, includes 126 apartments and 137 parking spaces.

The third acquisition is a serviced apartment residence in the city centre of Oslo, Norway. The property features 30 fully furnished apartments and has a value of approximately EUR 10 mln. The building underwent a complete refurbishment process in the first half of 2009. The transaction was an off-market deal which was concluded directly with the operator.

Set up just prior to the financial crisis, the Bouwfonds European Residential Fund has enjoyed continuous capital inflow from institutional investors, with a strong increase over the last months. The war chest of capital raised will pave the way for further acquisitions in 2010. Whilst acquisitions in Germany remain in focus, the Fund’s acquisition pipeline includes properties in France, the Netherlands, Belgium and Sweden.

The fund primarily targets German institutional investors and high net worth individuals and aims to have Gross Asset Value (GAV) of EUR 1-1.5 bn in five years. The portfolio focuses on core middle-class family apartments and houses in city centre locations, residential suburbs, and satellite cities of major agglomerations.