Key Takeaways
- • HUK-Coburg Asset Management (HAM) added a €50m commitment to Aukera Real Estate Debt Fund I, doubling its total commitment to €100m and marking the fund's second close.
- • Fund I targets €500m and provides senior secured loans backed by office, retail, logistics, mixed-use, residential and hotel properties.
- • The fund's initial geographic focus is Germany, the Netherlands and Austria, with scope to expand across continental Europe.
- • Individual loans target €10m to €20m, scalable up to €40m, with two-to-three-year terms at 70% to 75% loan-to-value or loan-to-cost.
- • Aukera CIO Patrick Züchner said the manager expects to complete further transactions before year-end.
Summary
HUK-Coburg Asset Management (HAM), the asset management arm of German insurer HUK-Coburg, has doubled its commitment to Aukera Real Estate's European debt fund to €100m, according to IPE Real Assets. The additional €50m commitment marks the second close of Aukera Real Estate Debt Fund I. HAM's initial anchor commitment of up to €50m was secured in May 2025.
Fund I has a €500m target and provides senior secured loans against office, retail, logistics, mixed-use, residential and hotel properties. Its geographic mandate focuses initially on Germany, the Netherlands and Austria, with scope to expand across continental Europe, Aukera said. The manager is targeting individual loan sizes of €10m to €20m, with the capacity to scale financings up to €40m as the fund grows. Typical loan terms run two to three years at loan-to-value or loan-to-cost ratios of 70% to 75%.
Patrick Züchner, CIO at Aukera Real Estate, described HAM's decision as a strong vote of confidence and said the additional capital allows the firm to pursue further opportunities in alternative real estate lending. He emphasized that every financing must meet the fund's requirements for security and an appropriate risk-return profile, and said the firm expects to complete further transactions before the end of the year.
Maximilian Cosack, head of private assets at HUK-Coburg Asset Management, said HAM's positive experience with the Aukera fund and the trust developed in Aukera's management team prompted the increase. He described the €100m commitment as a strong fit with HAM's real estate debt portfolio.
Fund I has a €500m target and provides senior secured loans against office, retail, logistics, mixed-use, residential and hotel properties. Its geographic mandate focuses initially on Germany, the Netherlands and Austria, with scope to expand across continental Europe, Aukera said. The manager is targeting individual loan sizes of €10m to €20m, with the capacity to scale financings up to €40m as the fund grows. Typical loan terms run two to three years at loan-to-value or loan-to-cost ratios of 70% to 75%.
Patrick Züchner, CIO at Aukera Real Estate, described HAM's decision as a strong vote of confidence and said the additional capital allows the firm to pursue further opportunities in alternative real estate lending. He emphasized that every financing must meet the fund's requirements for security and an appropriate risk-return profile, and said the firm expects to complete further transactions before the end of the year.
Maximilian Cosack, head of private assets at HUK-Coburg Asset Management, said HAM's positive experience with the Aukera fund and the trust developed in Aukera's management team prompted the increase. He described the €100m commitment as a strong fit with HAM's real estate debt portfolio.
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