Zug‑based manager Empira has opened a closed‑end core‑plus fund to buy midsize multifamily apartments in Germany. The vehicle lands with a firm anchor commitment from Swiss bank UBS, giving the new strategy credibility in a market where institutional capital is seeking yield. Backing also comes from Empira’s parent, Partners Group, underscoring strong sponsor support, targeting Berlin, Munich and Hamburg properties for growth.

Empira aims to raise €350 million of equity over the next 18 months, targeting assets that sit between stabilized core holdings and higher‑risk development projects. By focusing on the German residential segment, the fund taps a market where rent growth has outpaced inflation and vacancy rates remain low. Investors gain exposure to a sector that has shown resilience amid broader economic uncertainty.

The fund’s launch adds to a growing pipeline of European core‑plus vehicles, signalling that capital is shifting toward income‑generating real estate with modest upside. With UBS and Partners Group anchoring the capital stack, Empira is positioned to compete for high‑quality German assets that meet institutional risk‑return criteria. The vehicle will close once the €350 million target is met.