Empira launches residential fund
The new urban living fund focuses on small-scale living in trendy neighborhoods in major German cities and is aimed at institutional investors.
The Empira Group is expanding its product range with the Empira Urban Living fund, which invests in furnished residential properties in Germany's top 7 cities. According to the investment manager, the seed project portfolio consists of eight properties and residential projects in trendy neighborhoods in the cities of Berlin, Hamburg, Munich and Cologne and comprises around 1,000 residential units. The first project is on Kreutzigerstrasse in Berlin-Friedrichshain, with 135 residential units and a commercial unit on the first floor. It opened in May and has been fully leased since June, according to Empira.
The goal is not only to generate inflation compensation, but to beat inflation, says Lahcen Knapp, chairman of Empira Group's board of directors. The company projects a return of over 10% IRR and forecasts a distribution of over 5% per annum. (ah)
