Stenham Property Raises Around € 50 million for its Berlin Residential

Stenham Property recently launched the Stenham Berlin Residential Fund whose focus is to acquire, refurbish and manage residential buildings in central Berlin. The fund closed with almost € 50 million of capital from investors and is likely to purchase in excess of € 175 million worth of property.

Stenham, who are a renowned, top five family office in the UK, has been investing in the German property market since 2005. Through its own German team and a range of successful joint venture relationships, it holds over € 1.6bn of property investments in Germany.

Sascha Lewin, Head of European Property at Stenham, said: ‘We started investing in Germany over 3 years ago to take advantage of the positive macro economic outlook. Today Germany is proving to be a resilient, strong and growing economy. Over the past 12 months or so, the cost of borrowing has been rising and the sub-prime fall-out in the US has put a severe squeeze on global credit markets. These factors have had a sobering effect on investors and have flushed out poorly capitalised market participants’.

He added: ‘Further market increases and falling initial yields are therefore unlikely to continue in the medium-term. Consequently, the Stenham Berlin Residential Fund is targeting growth through effective asset management and value-add investment opportunities, which is where Stenham’s expertise lies. This is the reason why our fund is closed-ended with no right of redemption over the 7-year life of the fund.’

The Fund is listed on the Channel Islands Stock Exchange.

http://www.stenham.com/

Sphere: Related Content