Deka launches three new funds, including residential
Deka Immobilien is setting a new course with three more open-ended real estate funds. One of them will be Deka’s first fund for residential real estate, while the other two target commercial properties in major cities in Asia, America and Australia, where Deka sees greater growth opportunities than in Europe. Swiss Life will issue and manage the residential fund, which is to be launched before the end of the year and acquire mid-priced rental apartments in major European cities. The two new commercial real estate funds will follow in 2020. One will invest using quanto options in growing cities like New York, Toronto, Sydney, Seoul, Amsterdam, Vancouver and San Francisco, the other targets the Pacific-Asian region and is quoted in Australian dollars. It aims to attract experienced and wealthy private clients. Deka is using this product expansion to relieve demand pressure, particularly from the Deka-ImmobilienEuropa mutual fund, which is now valued at over €15bn. From 2020 onwards it will only raise funds from reinvestment and savings plans, an estimated €350mn next year.
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