UK-based property advisory group PMM Partners has launched its second German Property fund, Phoenix Spree Deutschland. The fund will raise up to £50 mln (EUR 73.5 mln) to invest in German residential and commercial property. It will be domiciled in Jersey and will be listed on the Channel Islands Stock Exchange (CISX). The fund is targeting an annual return of 20% and equity will be raised from a combination of high net worth investors and institutions.
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