AEW announces the first close for EUROCORE (the “Fund”), the firm’s new open-ended pan-European core fund, closing on €410 million of equity commitments during the current pandemic. Investors that have committed to the Fund include Dutch pension fund Pensioenfonds Metaal en Techniek, advised by MN, alongside a large Swiss public pension fund and other insurers, pension funds, family offices and corporates from France, Germany and Japan.
EUROCORE will aim to provide stable, long term income returns by investing in a future-proof diversified portfolio of core office, logistics and residential assets. The Fund will target investments that meet the changing demand for real estate being brought about by ongoing urbanization, demographic changes and the rise of new technologies. The Fund will primarily focus on mature and growing markets in Europe’s major cities including in France, Germany and BeNeLux.
AEW is one of the leading investors in core real estate, with 75% of the €70 billion under management classified as core. In Europe, AEW manages over €33 billion of assets, with €27 billion in core assets. With 421 staff based in 12 locations across Europe, AEW is able to leverage its local network to source investment opportunities and implement tailored asset management strategies to enhance operating income, ESG metrics and long term value.
In line with AEW’s corporate strategy, EUROCORE will have a strong emphasis on ESG, investing in certified assets with good energy efficiency levels, as well as creating sustainable environments. The Fund will also be aligned to the UN’s Sustainable Development Goals and will participate in GRESB. ESG is central to AEW’s investment and asset management processes, believing that both occupiers and investors will increasingly focus on the environmental impact and energy efficiency of buildings which, in turn, will lead to building obsolescence elsewhere.
Source : Company