Bouwfonds Real Estate Investment Management said that its EUR 315 mln open-ended property fund, European Residential Fund has increased its property portfolio with new acquisitions in Germany and France.

The investment vehicle has spent just over EUR 73 mln in acquisitions of multi-family apartments and residences in Munich, Meerbusch and Montpellier. In Munich Riem, the fund has bought 387 apartments from Hamburg Trust Grundvermögen und Anlage for an investment volume of EUR 61 mln, reflecting a gross initial yield of 5%

In Meerbusch, Bouwfonds spent EUR 5 mln to buy a complex divided into 54 residential units, spread over three buildings. The vendor is IVG Institutional Funds and the investment yield was 6.8%.

In the Antigone district of Montpellier, the company purchased a property consisting of 37 apartments and three commercial units for EUR 7 mln and a gross initial yield of 5.6%.

The fund now holds properties in Germany, France, Norway and Sweden, with an occupancy rate of 98%. The fund manager is aiming to buy residential property worth some EUR 1.5 bn by the end of 2013.