Family office real estate partnership, FORE, has secured a “cornerstone” member for a new investment club.
US investment house, Capricorn Investment Group, has initially committed €25m to the recently established firm, which will be buying UK and European real estate.
FORE is planning to build up a club of around 20 members in order to invest in around €100m of property each year.
Capricorn is a private investment firm representing several families with offices in California and New York, where it has offices.
FORE is planning to invest in “value-add” assets, such as well-located but under-managed stock priced at between €10-€30m.
It has a team of eight based in London, and has already bid on a number of properties in London, Paris and several assets in German markets. It is close to its first acquisition.
FORE managing partner, Basil Demeroutis (pictured), said: “Capricorn’s involvement as a cornerstone investor is an important milestone for our new model, which offers sophisticated family offices the chance to invest in commercial property in a more transparent way and at a lower cost than traditional property funds.
“We are building a club of no more than 20 members, and will acquire as much as €100m worth of property per year in Europe and the UK – a significant amount in the current commercial real estate market environment.”
Stephen George, co-founder and chief investment officer of Capricorn, said: “FORE’s strategy of seeking out deep value and a back-to-basics approach fits very well with our own long-term investment philosophy.
“Its investment model, access to deal flow, and ability to unlock value through hands-on active management is a compelling approach.”
bridget.oconnell@estatesgazette.com
