Dromeus Capital Group, a leading alternative investment management firm based in London, is looking to raise its sequel real estate fund targeting commercial real estate opportunities in Greece, PropertyEU can reveal.
The company has already enjoyed success in the Greek commercial real estate market, investing Dromeus Real Estate Fund I from 2018-onwards with a focus on core prime office space at a time when capital values and rents were at historic lows following a decade-long recession.
With the Greek economy being on a steady recovery path, rents and capital values are still on an upwards trajectory but still below 2008 highs. At the same time, a structural demand/supply mismatch in Grade A office space is being seen - a consequence of massive under-investment in new development during the economic crisis, according to Dromeus.
Fund I has reached the end of its investment period. The firm raised €230 mln in equity and the vehicle is expected to realise a net IRR of over 25% earning the badge of being an opportunistic commercial real estate fund.
That result, and the scope for investing further in a market where there seems to be ‘substantial value potential’, has led the company to target more equity for fund II compared to fund I. The firm is aiming for €250 mln.
Dromeus Capital Group was found in 2008 by former Lehman Brothers fixed income professional, Achilles Risvas, who is CEO of the company, and also global CIO accross investment strategies.
He established the firm in 2008 to invest globally across both public and private markets for institutional investors.
The company operates an absolute return strategy, real assets, and separately managed accounts. Within real estate, it has a focus on Europe logistics as well as commercial real estate in Greece.
The local real estate platform is spearheaded by Nick Balanis, MD and co-CIO and comprises 15 real estate professionals across investments, asset management and operational roles.
