Cromwell launches €2b core European property fund
Cromwell Property Group has launched a €2 billion ($2.2 billion) European Cities Income Fund with the €205 million ($297 million) acquisition of a seed portfolio of three Dutch properties.
This is Australia-based Cromwell’s first major European fund launch.
CECIF is a long-term, open-end core fund targeting income returns of more than 5 percent and a total return of 8 percent from assets located in select European cities.
The fund will invest predominantly in retail and leisure, industrial, office and some specialist property sectors in the 29 locations identified by Cromwell’s research team as cities with long-term rental growth potential and strong liquidity. The fund also will leverage the group’s local real estate team to secure the best institutional assets.
The seed portfolio comprises three office buildings: the 360,000 square-foot Central Plaza in Rotterdam, the 93,650 square-foot De Ruijterkade buildi