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MUNICH-Catella Real Estate is to launch a German open-ended property fund specializing in European health care facilities, and is aiming at total investment up to €1 billion in the next five years – up to 60% of it in Germany. It is the first asset-specific GOEF to be launched.

CEO Andreas Kneip told a press conference in Munich recently that the Focus HealthCare Fund will have a minimum subscription of €20,000 and is oriented towards private and institutional investors. A target return of between 5% and 6% is expected. The fund will target clinics, medical practice offices, nursing homes, wellness and fitness facilities as well as office and logistics space for the health sector in western Europe. The target volume for individual buildings is to range from €5 million to €30 million.

Catella has already identified initial investments in northern Germany, Bavaria and Austria for a total investment of €53 million. In order to avoid the kind of run on fund redemptions shut a dozen of the German OEFs over the last year up to spring, investors will be permitted to redeem a share value of only €50,000 per day. This limitation is however lifted after the last day of the fifth month following a redemption order, so that unlimited redemption without any forfeit is possible.

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