LRI and Wealthcore target Austrian residential with new fund
LRI Group has partnered with Wealthcore Investment Management to target core and core-plus residential properties in Austria’s capital.
The newly created Wealthcore Austria Living I fund - aimed at pension funds and pension schemes predominantly in Germany and Austria - currently has an initial portfolio volume of around €110m. The fund’s target volume is €200m to €250m.
Christoph Wendl, CEO and partner of Wealthcore Investment Management, said: “With the first residential fund Wealthcore Austria Living I, we are offering our investors an attractive crisis-proof type of investment in the mid-price segment.
“Due to our excellent market access in Austria, we expect to be able to make the first acquisitions soon after the fund launch, ensuring our investors a swift capital call.”
Frank Alexander de Boer, member of the board of LRI Group said: “We are very pleased with the trust Wealthcore are placing in us.
”Through this additional mandate, LRI Group has once again positioned itself as an established partner for real estate fund initiators in the German-speaking region.”
LRI Invest will act as the alternative investment fund manager. The German based investment firm Wealthcore will act as investment advisor and asset manager.