The Multiplex European Property Fund (MEPF) will have initial assets of €356m (£241m) - a portfolio of 67 properties

The properties are situated throughout Germany and were purchased by Multiplex in an off-market deal from REIT Asset Management. The portfolio has 98.5% occupancy with good covenant tenants on long weighted leases of around 10 years. It said 84% of the properties are less than seven years old and are weighted towards the retail sector. Multiplex has formed a long-term alliance with REIT Asset Management which will manage the German properties through a Luxembourg-based vehicle.

Mutiplex Capital managing director Ian O’Toole said: ‘As Germany is a significant international property market with positive indicators for future growth, we believe there will be strong investor demand for the fund. While this portfolio of assets is solely based in Germany, we will look to pursue investment opportunities to frow the fund within the broader European market.’

The capital raising for the fund will take place in the second half of next year. The fund will be managed from Sydney and follows the listing of the $640m (£330.5m) Multiplex Acumen Prime Property Fund in September. MEPF’s external funds under management are more than $6bn (£3.1bn)