AEW’s EUROCORE fund raises €410m at first close

AEW has raised €410 million ($496 million) of equity commitments for EUROCORE, a new open-ended pan-European core fund, in a first close.

The fund’s investor base includes Dutch pension fund Pensioenfonds Metaal en Techniek, a large Swiss public pension fund and other insurers, pension funds, family offices and corporates from France, Germany and Japan.

EUROCORE will invest in a diversified portfolio of core office, logistics and residential assets, targeting investments that meet the changing demand for real estate being brought about by ongoing urbanization, demographic changes and the rise of new technologies, according to AEW. EUROCORE will focus primarily on mature and growing markets in Europe’s major cities such as France, Germany and BeNeLux.

“Megatrends are disrupting our sector and are leading to changing requirements for real estate,” said Christina Ofschonka, senior fund manager of EUROCORE. “The fund will focus on the logistics, resident