German property investor Quadoro Doric and Swiss investment manager Vescore have initiated the third closing of the Vescore Sustainable Real Estate Europe (VSREE) special fund.
With the equity placed so far almost fully invested, Quadoro - the fund's alternative investment fund manager (AIFM) - said it was ready for the next stage.
'The consistent implementation of the sustainable investment strategy reduces long-term market and location risk, adding value above and beyond the fund’s actual performance,' commented Richard Böger, spokesman of the board at Bank für Kirche und Caritas and a member of the investment committee.
To date nine chiefly office properties have been acquired in Belgium, Denmark, Germany and the Netherlands. The second closing secured equity of around €50 mln, towards the fund's target volume of €500 mln.
For the first full financial year, the fund’s yield stood at 4.4%. Quadoro said that distributions are expected to be 4.1%, meaning that the planned distribution yield had already been achieved in the fund's first year.
VSREE is a pan-European, open-ended special AIF with sustainability criteria - based on Vescore AG's location rating - defining the selection of properties.
