Emerging markets investor Dromeus Capital Management (UK) Ltd. launched a €200 million fund focused on Greek commercial real estate amid favorable conditions in the market, PropertyEU reported.
Citing the company, the news outlet noted that the country's commercial real estate prices have declined sharply since their peak before the Greek financial crisis.
The fund will target undervalued office properties in prime locations such as central Athens, which has seen a more than 40% price drop since its peak, with yields now at 8.5%. Through the fund, Dromeus Capital plans to buy 30 to 40 properties for between €2 million and €10 million, according to the report.
Dromeus Capital launched Dromeus Greek Advantage, its first Greek-focused investment vehicle, in October 2012. Since then, the fund has generated annual returns of 15.17%, the report noted.