Catella Real Estate has announced that its latest German institutional fund aimed at the Nordics has acquired office buildings in Helsinki and Stockholm. The fund, Catella Scandia Chances, is targeting a maximum equity size of EUR 250 mln and aims to invest in Norway, Sweden and Finland. It can also invest in Denmark.

Catella Scandia Chances has a 10-year life term and the equity subscription period ends in the second quarter of 2013. Catella plans an annual distribution of between 3.5% and 4%.

Catella Scandia Chances already acquired an office property in Helsinki last December and signed a purchase agreement for a new building in central Stockholm on 25 January. Catella did not disclose the name of the assets or the investment volumes in the transactions. However, the fund said it intends to investment in individual small to medium-sized properties in the EUR 20 mln price bracket.

The fund is aimed at insurers and pension funds who no longer invest in German mutual funds since the amendment to the Investment Act in April 2011.

The spezialfonds complements the Focus Nordic Cities open-ended fund launched in 2007, Catella's German fund management unit said.