The news follows TMW's recent receipt of a kapitalanlagegesellschaft (KAG) license from the German Federal Financial Supervisory Authority that allows the formation of the trust. "With the creation of the KAG we can now broaden our platform to offer institutional clients additional opportunities to invest in global real estate strategies," says TMW managing director Klaus Trescher. "This venture will allow us to build on our current concentration of investments in continental Europe, as well as in the U.S. and Asia."

Christine Bernhofer and Hans Brauwers will manage the investment trust. Brauwers is joining TMW Property Investment from Allianz-Dresdner. Bernhofer comes to the company from the Munich Re Group.

TMW specializes in a core/core plus investment style in Europe and offers products that have been tailored primarily to the needs of German institutional investors. It had gross European assets under management of more than $2.9 billion ($1.5 billion net) as of December 31, 2003. Among its other products, TMW has been the exclusive investment manager of the Europroperty Special Fund, one of the largest real estate special funds in Germany, along with offering clients investments in the U.S. and Asia.