French project developer and fund manager Project has acquired three development sites in the Berlin area. The investment, which has a total investment volume of nearly EUR 30 mln, is earmarked for the group's Project Real Equity Fonds 8, currently being placed with investors.
French project developer and fund manager Project has acquired three development sites in the Berlin area. The investment, which has a total investment volume of nearly EUR 30 mln, is earmarked for the group's Project Real Equity Fonds 8, currently being placed with investors.
The company plans to develop three residential and commercial complexes on the sites, which are located in Berlin Mitte, Tegel and Prenzlauer Berg (Berlin Pankow).
'We are happy to have been able to acquire as many as 14 attractive projects for this fund which is still in its fundraising phase,' said CEO Wolfgang Dippold. 'The special aspect that distinguishes our funds is that they close their purchases only after having designed the project and having developed a clear plan for its sale.'
The investment fund is pre-financed by its investors and does not make use of bank financing, he added. 'In this way, our investors participate in the most lucrative part of the real estate process,' he added.
The group's Project Real Equity Fonds 8 has a life term of at least 10 years and is targeting an annual return of 8%.