Core European Series (ICE)

ICE Office+

The ICE OFFICE+ Fund invests in a diversified European portfolio of office properties.

ICE Office+ is a balanced, geographically diversified office property fund with long term value stability. The focus of the investment strategy is on first-class European properties in excellent locations. The target volume of the fund is €600 million. At present, €162 million is invested in seven properties (Amsterdam, Lisbon, Milan, Paris, Toulouse).

We believe that both the positive return expectations for European office property investments compared to other asset classes, as well as the excellent financing environment make this strategy especially attractive. Our market presence and experience enable us to target investments in countries with favourable market conditions, delivering attractive, risk adjusted returns.


  • Core / Core+ 100%
  • Value-added 0%
  • Opportunistic 0%

INTERNOS Spezialfondsgesellschaft mbH


Real estate AIF according to KAGB for institutional investors




France, Netherlands, Portugal and Italy as well as prospectively Belgium and Spain.






€300 million planned;
€139 million currently


€600 million planned;
€162 million currently


Max: 50%


€20 – €50 million


4.5 – 5.5 % cash flow yield p.a. (10-year average),5.5 – 6.5 % IRR




Sebastian Lietsch - Fund Manager - Biography and contact details

Sebastian Lietsch

Fund Manager

Sebastian joined INTERNOS in 2013, as a Fund Manager of three INTERNOS Spezialfonds. Sebastian is now the senior Fund Manager in Frankfurt with responsibility for the management of the ISG funds including implementation of fund strategy across all Spezialfonds, he also acts as the main contact person for investors. Prior to joining INTERNOS, Sebastian was working for Commerz Real, as a Fund Controller starting with its Italian portfolio and later being responsible for its investments outside of Europe. Sebastian started his career at Commerzbank in 1998, where he completed a trainee program in corporate banking and financing parallel to his academic studies.
He has earned his diploma in business economics at the Friedrich-Schiller-University in Jena in 1997 and later completed his MBA in international real estate management at Akademie der Hochschule Biberach/London South Bank University.

Phone: +49 (0)69 5050 6690


INTERNOS Global Investors
65 Grosvenor Street, London W1K 3JH, United Kingdom

Phone +44 (0) 20 7355 8800       Fax +44 (0) 20 7355 8801


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