Germany's WGF Financial Group said on Wednesday that it has received the permission to operate a capital investment company, WGF Immobilien Investment, or KAG, from the German Financial Supervisory Authority (BaFin).

The Düsseldorf-based company said the new KAG company will create and manage real estate spezialfonds to cater for the individual investment targets of institutional investors, such as insurances, pension funds, welfare institutions or church organisations.

WGF has hired Hans-Dieter Martin and Walter Helbach to lead the new unit. Martin, who has extensive experience as a managing director in the insurance sector, joins from LB ImmoInvest, where he previously held the position of managing director. Helbach, with experience in the funds and asset management sector, worked for ECE Projektmanagement and previously held various managerial positions at Deka Immobilien Investment.