PSPF/PSD Combined Fund
The Phoenix Spree Property Fund, which PMM acts as property advisor, was launched in June 2006. The fund, which raised €29m of equity, closed in August 2006. The fund was set up with the intention of investing in German residential property, with a particular focus on Berlin. PMM was engaged by the fund to act as the property advisor responsible for sourcing and acquiring properties as well as the management of the portfolio. The strategy of the fund was to purchase and actively manage high-quality, well-located properties in order to maximise medium term returns for its investors. The fund was fully invested within the first 12 months, well ahead of schedule and now has assets of €100m.
Phoenix Spree Deutschland was launched in May 2007 and raised €59m from a combination of high net worth individuals and institutional investors. PMM also acts as Property Advisor to this fund and it is currently investing this fund which is expected to purchase upto €150m of German residential and commercial property.
PMM is also managing a 5,500 sqm historic building in the centre of Berlin. PMM acquired the property on behalf of a syndicate of investors and plans to restore the building to its former glory.
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