Cromwell Property and Dasos Capital have joined forces to create a wooden building property fund to target a European portfolio worth over a billion euros.
Cromwell said the newly created open-ended pan-European fund will target an initial first close of €100m committed equity by the end of 2021, with a target portfolio value exceeding €1bn over the longer term.
The fund will harness “increasing institutional investor appetite for opportunities that meet responsible investment and environmental, social and governance criteria”, Cromwell said in a statement.
Cromwell will contribute its real estate investment, fund, asset, project and development management experience to the joint venture whereas Dasos will contribute its timber, land, sustainability and wooden building expertise.
Pertti Vanhanen, Cromwell Property’s managing director in Europe, said: “An investment in wooden buildings matches the objectives of institutional and other advanced real estate investors who are serious about carbon neutrality and minimising the impact of climate change on our world.”
“This is an exciting opportunity, and we are delighted to be able to partner with Dasos’ highly regarded sustainable timber and biodiversity investment experts.”
Olli Haltia, Dasos Capital CEO said: “Our ability to offer, in partnership with Cromwell, the benefits of wooden building technology to a more diverse group of international investors is driven by advances and breakthroughs in engineered wood products such as cross laminated timber, laminated veneer lumber and glulam.”
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