AEW’s first close of a real estate fund has raised €410 million, including from Dutch pension fund Pensioenfonds Metaal en Techniek.
The Eurocore fund is a diversified strategy with a “future proof” portfolio of office, logistics and residential assets.
The fund is open-ended and AEW said it will target investments that “meet the changing demand for real estate being brought about by ongoing urbanisation, demographic changes and the rise of new technologies”. It invests mainly in major European cities in France, Germany and BeNeLux.
AEW, which manages over €33 billion of assets in Europe, said the fund has ESG aims by investing in certified assets with good energy efficiency levels, as well as creating sustainable environments.
ESG means both occupiers and investors will increasingly focus on the environmental impact and energy efficiency of buildings which, in turn, will lead to building obsolescence elsewhere, the firm believes.
Christina Ofschonka, senior fund manager of Eurocore, said “exciting assets” were due to be signed imminently.
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