BaFin grants Internos KAG licence to operate German ‘Spezialfonds’
Pan-European real estate fund manager Internos has been granted a KAG licence by the German Financial Regulator BaFin to manage German Spezialfonds, the preferred investment vehicle for German institutional investors.
Spezialfonds were established over 30 years ago and have risen in popularity in recent years as they offer investors a well established and regulated, tax exempt vehicle.
Internos’ existing strong platform in Germany in our Frankfurt office, with 20 employees; EUR1.1bn of real estate assets under management, best in class fund and asset management, reporting, accounting and compliance services, was critical in securing this licence. The KAG will be led by Paul Muno, a former Managing Director of a Commerzbank Real Estate KAG, who joined Internos in 2011 to lead the effort to secure this licence and strengthen Internos’ institutional investor relationships in Germany. The leadership team will include two additional directors: Berthold Becker and Georg-Henrich Prinz zu Stolberg-Wernigerode.
This German Fund platform will allow Internos to offer in particular German investors investment opportunities via Spezialfonds. These Spezialfonds may invest in Internos’ core areas of real estate expertise, including office, retail and hotels and on a pan European level as Internos covers 85% of key investment markets in Europe with its head office in London and offices in Paris, Amsterdam and Luxembourg.
Andrew Thornton (pictured), chief executive of Internos, says: “This represents a strategic leap for Internos as we now join a small, elite group of major fund management houses that have received BaFin’s seal of approval, symbolised in the award of this KAG licence . This also highlights Internos’ growing position in the European real estate investment management business and is an endorsement of the quality of our fund management services to German, other European and global investors alike whether they seek real estate investment opportunities in Germany, across Europe or elsewhere.”
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