Dromeus Capital to invest in Greek real estate
Dromeus Capital, an emerging markets hedge fund firm, plans to invest 200 million euros ($231.82 million) in Greek commercial real estate through the launch of a new fund, taking advantage of undervalued properties.
The new investment vehicle, the second Greece-focused fund launched by Dromeus, will seek to acquire office properties in prime central Athens locations which currently offer good investment opportunities for buyers.
Greek Advantage, Dromeus’ first fund launched in October 2012 has returned an annualized 15.2 percent since its launch.
The new fund aims to buy 30 to 40 properties at a range of 2 to 10 million euros. Dromeus sees a shortage of vacant prime office space, which can provide protection for rents and capital if the market falls further.
“We are no strangers to the Greek market. Our team on the ground and extensive local network of banks, insolvency practitioners and real estate agents gives us a competitive advantage,” Risvas said.
Earlier this year, another hedge fund firm, Brevan Howard, was looking to launch two new funds targeting commercial real estate and listed equities.