Acron's US project to be placed in fund
The investment platform BrickVest has launched a new fund, Harvest Investments 8 (HV8). It is to focus on trophy properties in the USA; the first property is an Acron hotel project in Chicago.
The U.S. fund is intended to meet increasing demand from investors in this area, BrickVest says. It is the fintech's first offering to give European investors access to a transaction in the US.
HV8's first investment property is an investment in a Hilton hotel under construction, which the Acron Group is building directly on Chicago's Navy Pier. It is scheduled for completion in summer 2019. The investment volume is stated at 134.4 million US dollars. The hotel will have a total of 222 rooms as well as a rooftop restaurant and bar area, which will be the largest of its kind in America with an area of 2,787 square meters, BrickVest added.
The HV8 fund is the second project in the cooperation between BrickVest and Acron. The closing of Harvest Investment 5 (HV5) had already been announced in June 2018, a real estate AIF managed by BrickVest with a focus on Swiss commercial real estate, for which Acron also acted as deal sponsor.
The "BrickVest Harvest Investments" series comprises alternative investment funds (AIF) managed by BrickVest and launched in partnership with institutional sponsors. Since 2015, seven funds have been launched, and two funds have realized an exit. According to BrickVest, investors in HV1 had achieved an IRR return of 31 percent by participating in a diversified portfolio of 23 German retail properties. HV2, which focused on value-add investments in the German office property markets, had generated a return of 2.3 times the equity invested for investors within 26 months.
