Core European Series (ICE)

ICE Balanced

Opportunity to invest in a seeded Pan-European core real estate fund offering a stable income return from a diversified asset base.

The ICE Balanced Fund is an open-ended, Pan-European diversified core fund that principally invests in the traditional real estate asset classes (office retail and logistics) with a modest allocation to specialist sectors such as student housing and healthcare.

The fund seeks to achieve long-term stable income returns, utilising INTERNOS’ market knowledge and on the ground teams to benefit from the various market cycles in Europe and the opportunities presented by the specific characteristics of individual assets.

Diversifying by asset type, geography and sector will help to deliver a stable income return profile, with exposure to specialist asset classes, including ‘social infrastructure’, providing a potential balance to the cyclical nature of the traditional sectors.

The fund targets expansion to a GAV of €1.2bn by 2021, by investing in core/manage-to-core™ properties in the main Western European markets.


  • % of fund Core/Core+ (by valuation) 100%
  • % of fund Value Add (by valuation) 0%
  • % of fund Opportunistic (by valuation) 0%

INTERNOS Spezialfondsgesellschaft mbH


Real Estate AIF according to KAGB for institutional investors


Office, Retail, Logistics, Alternative (Student Housing, Healthcare, Residential, Leisure)






Launched in 2017, open-ended fund.


€840 million


€1.2 billion


Max 40% with a target of 30% LTV


€50 million +


5% cash flow yield p.a. (10-year average), up to 7% IRR




Giles Smith and Sandra Wriedt - Fund Managers - Biographies and contact details

Giles Smith

Head of Fund & Asset Management

As Head of Fund Management, Giles is responsible for asset and fund management services provided by INTERNOS. A Chartered Surveyor with 14 years’ experience in fund management and corporate real estate, Giles began his career with ATIS Real Weatheralls, providing corporate real estate and consulting services for major listed companies such as London Electricity and Barclays. Giles moved on to become Real Estate Corporate Finance Manager at Deloitte & Touche, working on real estate transactions including the sale and leaseback of 41 hotels for the WA Shearings Group (£110m) and the sale of 24 hotel assets for Macdonald Hotels (in excess of £400m); as well as providing structural and strategic advice on real estate investment funds. More recently, Giles became a Fund Manager with GPT Halverton in 2008, and has been a Fund Manager with INTERNOS since 2010, responsible for a number of real estate investment funds including HBI Netherlands, Dutch Active Fund, Benelux Industrial Partnership, German Office Fund and Alecta Netherlands.

Phone: +44 (0)20 7355 8800


Sandra Wriedt

Fund Manager

Before joining INTERNOS Sandra worked for PATRIZIA for almost 4,5 years. First she joined the Real Estate Development Department at PATRIZIA for about 2 years where she was supporting the team regarding the acquisition of suitable development sites for residential purposes mainly. Later she became a Fund Manager at PATRIZIA being responsible for a value add fund and had the chance to gain experience in residential and commercial real estate in Germany and Europe.
Sandra holds a double master degree in Real Estate with focus on Real Estate Investment and Finance and Real Estate Management and Development.

Phone: +49 (0)69 5050 6690


INTERNOS Global Investors
Phone: +44 (0)20 7355 8800    Fax : +44 (0)20 7355 8801

INTERNOS Spezialfondsgesellschaft mbH
Phone: +49 (0)69 5050 6690    Fax : +49 (0)69 5050 66929

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