Magna founds portfolio manager – first acquisition a wrap
Hamburg-based developer Magna Immobilien has founded Magna Portfolio Invest as its own portfolio manager and already closed the first purchase. Two private investors acquired the office and commercial building on Wielandstraße 14 in Lübeck. The property with about 4,400 sqm lettable space is fully leased to Mach AG and OCC Assekuradeur. The lot measures 6,177 sqm. The aim for the new portfolio manager, Magna states, is to acquire property for about €500mn. The purchases are guided by Martin Göcks as Head of Portfolio Investments and Financing. Göcks previously worked for Goldman Sachs and PwC. Magna further states that it is currently checking other purchases worth €180mn. Investments concentrate on office and retail property in A to C-rated cities across Germany. Magna had founded an asset management unit in a joint venture with a German pension fund only in June.
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