Real estate investment company Cresco Capital Group raised €197 million at the final close of its CCG1 fund, Property Investor Europe reported.
The fund, which targets roughly €300 million in investment capital, is focusing on German student and serviced apartment projects, but also seeks opportunities in neighborhood, office and hotel development, according to Daniel Schuldig, a Cresco Capital founding partner.
Roughly half the fund has already been invested in Berlin, Frankfurt and Cologne. In Frankfurt, the fund purchased a 12,000-square-meter property where it plans to develop 250 micro-apartments for students, along with a 1,300-square-meter retail space.
Investors in the fund include LJ Partnership and other international family offices, as well as high-net-worth individuals, the report noted.