Mimco Asset Management has announced the launch of a new value-add investment vehicle focused on real estate redevelopment projects in Germany.
The vehicle, Mimco Revitalize, takes the form of a mutual fund under French law with a eigh-year life term. It will focus primarily on the redevelopment of buildings intended primarily for office, retail, and residential use, with the aim to reach a portfolio of €300 mln.
'With the new Mimco Revitalize fund, our primary objective is to create value by bringing real estate back in line with the market through a revitalization process,' said Christophe Nadal, president of Mimco AM. 'To do this, our value-added acquisition strategy is clear: we redevelop increasingly complex assets and operations and adapt them to new uses, by improving both energy performance and user comfort.'
'This type of fund is suitable for investors looking for an IRR of between 6 and 8% and an annual distribution target of 4.5%, in addition to a share of the excess returns target,' said Sébastien Horay, Mimco's sales director for France.
