An unnamed German pension fund has hired real estate manager Tishman Speyer to manage a portfolio of new build, multi-family residential properties.
Tishman Speyer said it has been appointed by a specialist residential property fund, owned by the pension fund, to manage the portfolio of around 1,300 apartments located in 9 cities and 10 locations across Germany. The cities include Berlin, Hamburg and Leipzig
The majority of the portfolio鈥檚 properties have already been completed and occupied, with the balance being scheduled for completion this year, the manager said.
The latest mandate is the second residential mandate won by Tishman Speyer in Germany over the past twelve months, following a previous appointment in the first half of last year also on behalf of a fund for German institutional investors.
Charles Smith, managing director at Tishman Speyer, said: 鈥淭ishman Speyer brings an exceptional combination of knowledge, capability and experience to the table and this makes us ideally suited to manage such a large, nationally distributed, high-quality portfolio.
鈥淲ith this, our second mandate win in recent months, we鈥檙e building a strong, sustainability-powered base for our residential ambitions in Europe, an important part of the firm鈥檚 targeted diversification in the residential sector worldwide.鈥�
Guido Boltes, a senior director at Tishman Speyer, said: 鈥淭ishman Speyer鈥檚 success around the world is built on the exceptional on-the-ground knowledge of our teams.
鈥漈his is undoubtedly the case in Germany where we鈥檝e consistently demonstrated our ability to access great deals on a very local basis, working closely with our extensive network of developers across the country.鈥�
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