GERMANY/NORDICS - German real estate consultancy Dr. Lübke has started its new asset management operations with €200m in investments from Scandinavian pension funds, the company revealed today.

The unnamed pension funds are clients of Dr. Lübke consultancy who indicated the need for an asset manager for their direct real estate investments in Germany, a spokeswoman for the company explained to IPE.

"Many foreign investors do not have offices in Germany and are therefore looking for people with market insight to provide them with the necessary skills to react fast," Ulrich Jacke, managing partner at Dr. Lübke, commented.

The company hopes to increase its assets under management to €1bn over the next two years by targeting institutional investors both in Germany and in other European countries.

Dr. Lübke recruited Wolfgang Giloy as asset manager to kickstart the asset management operation which started in October. Prior to joining the consultancy, he worked in the project development operations of Strabag, one of Germany's largest road and infrastructure construction companies.