Dromeus Capital launches €200m Greek-focused fund

Dromeus Capital, an emerging markets hedge fund firm, has launched a new real estate fund. The fund is seeking to raise €200 million ($232 million) in total equity commitments and will aim to acquire 30 to 40 properties.

The fund will focus on the acquisition of undervalued office properties in prime locations in central Athens and that the current market conditions are creating ideal opportunities for buyers.

Dromeus also believes that distressed sellers in the market are being forced to offload assets offering excellent value for buyers. Capital controls in place from the ECB have forced many Greek banks to reduce their non-performing exposures and this forced selling is creating one-off opportunities for investors. Distressed corporates with limited access to funding meanwhile, are still selling non-core assets such as real estate, often at depressed prices, while under its third bailout programme, the Greek government is required to co