Vescore fund raises capital again
The real estate fund "Vescore Sustainable Real Estate Europe" intends to raise up to 50 million euros in additional equity as part of a second closing. Vescore and Doric have already invested the majority of the 60 million in equity from the first closing in a real estate portfolio with fully let properties in Denmark, Germany and the Netherlands.
With the real estate transactions still planned in the acquisition pipeline, it has become necessary to raise additional equity, Vescore announced. Commitments" are made to the German special fund, which are called up on an ongoing basis when transactions take place. This means that there is no dilution of performance due to unnecessary liquidity held in the fund vehicle.
The target volume of the fund is EUR 500 million. The distribution yield from rental income is planned at four to 4.5 percent per year. Quadoro Doric Real Estate GmbH is responsible for investing the capital. Doric Investment GmbH is the fund's capital management company.
The real estate fund meets both the BVV2 regulations for pension funds in order to be included in the real estate asset class (max. 50 percent leverage for foreign real estate vehicles) and the legal requirements for the valuation of properties that are important for Austrian pension funds (e.g. at least two valuers per building).
The fund (formerly: Notenstein Sustainable Real Estate Europe) was renamed Vescore Sustainable Real Estate Europe at the beginning of September, as Notenstein Asset Management AG, which belongs to Raiffeisen Switzerland, changed its name to Vescore AG at the same time. (ah)
