Bank Austria Creditanstalt's subsidiary Ba-Ca Real Invest is launching an open-ended real estate fund which will target investment opportunities across Europe. A spokesperson for Real Invest said that the fund has already acquired three office and retail properties in Frankfurt/Main, Hanburg and Stuttgart for about EUR 40 mln. The fund is focusing on South-eastern Europe and Germany. The targeted yield per annum is between 5% and 6%, German newspaper Immobilien Zeitung reported.
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