Hamburg-based fund manager Wölbern Invest has announced the closing of the Deutschland 04 close-end real estate fund, which raised EUR 20 mln in fresh equity from some 300 investors.

The vehicle is investing in an office building in Milbertshofen, to the north-east of Munich. The asset is fully let, with automotive supplier Magna International as the major tenant.

'Deutschland 04 was launched in response to strong investor demand for German funds,' said Thomas Kühl, general manager of Wölbern Invest.

Looking forward, the company said it is preparing the launch of Deutschland 05, which will buy the headquarters of plant manufacturer Outotec. The asset, known as TriCon, is located in Frankfurt Rhein-Main and was bought in May from local developer Hochtief.

Later this year Wölbern Invest will also market two international funds, with the aim of building exposure to the French and Dutch office markets.

'The Germany funds will continue to be an important part of our offer but we see very good prospects at the moment to invest abroad,' Kühl explained.