Swiss pension-backed real estate investment foundation Testina is setting up a global fund-of-funds strategy with a target of up to CHF300m (€319m) in capital commitments over the next three years.
Testina intends to launch the Anlagegruppe Global Core vehicle in December to invest globally in non-listed, open-ended core/core-plus real estate funds.
The Pensimo Management-managed foundation said the new investment strategy has secured seed capital from a “renowned Swiss pension fund”, although the specific pension fund and amount remain undisclosed.
Anlagegruppe Global Core will invest in various countries and sectors, but the focus will be on what it deems as growth segments, such as residential, logistics and alternative real estate, including student housing, senior housing, self-storage and healthcare. Testina said it had already identified an initial portfolio and will be investing as soon as possible.
Paola Prioni, head of mandate and senior investment manager at Testina, said: “In light of the expected market recovery following the significant correction in the global real estate markets since 2022, the new investment group will be launched at an attractive entry point. Low real estate valuations and opportunities on the secondary market are compelling for the new strategy.
“Among other reasons, due to consolidation in the industry there is a lack of low-cost, tax-efficient and diversified non-listed real estate products that offer Swiss pension fund access to global real estate markets through best-in-class managers.The new investment group Global Core closes this cap.
“Given the cost-approach of the management company Pensimo, a highly competitive management fee will be offered to investors – even for moderate investment volumes.”
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