Specialist German retail property asset manager GPEP has established a joint venture with Geneva-based private wealth manager GMG Real Estate (GMG) to source and deliver development projects in Germany.
The aim of the JV is to create partnerships with local project developers to collaborate on deals in excess of €25 mln, including the acquisition of existing properties or land for development or realignment, with planning approval.
'We see attractive market opportunities in project development to work with local experts on larger, more complex projects with substantial equity requirements. Enquiries from property owners, developers and development professionals who may need backing for such projects are welcomed,' said GPEP managing director Marcel Fuhr.
The firm also said that the JV was a 'logical extension of its business model, expanding its capabilities into the development sector and diverse asset classes'.
Start-up capital of €100 mln has been amassed for investments into office, logistics, budget hotels and housing including co-living and student accommodation in stable locations throughout Germany.
'We are very excited to be working with such a well-established team as GPEP to expand our development activities in Germany,' says Newman Leech, managing director of GMG Real Estate.
The JV will be coordinated by a team in Frankfurt.
