Key Takeaways
- • Dromeus Capital Group is raising €250 million for its second commercial real estate fund targeting Greece, exceeding the €230 million raised for Fund I, which is now at the end of its investment period.
- • Dromeus Real Estate Fund I achieved a projected net IRR exceeding 25%, positioning it as an opportunistic commercial real estate fund with strong performance metrics that justify the larger follow-on raise.
- • Greece's commercial real estate market presents a structural supply-demand imbalance in Grade A office space, driven by under-investment during the economic crisis, while capital values and rents remain below 2008 levels but are on an upward trajectory.
- • Dromeus Capital Group, founded in 2008 by Achilles Risvas (former Lehman Brothers fixed income professional), operates across absolute return strategies, real assets, and separately managed accounts, with a geographic focus on European logistics and Greek commercial real estate.
- • The fundraise reflects investor confidence in Greece's economic recovery trajectory and substantial value potential in a market where institutional capital has historically been scarce.
Summary
Dromeus Capital Group, a London-based alternative investment manager, is launching a €250 million fundraise for its second commercial real estate fund focused on Greek market opportunities. The increased target represents a significant step-up from the firm's first fund, which raised €230 million and has now reached the end of its investment period.
Fund I's performance provides strong validation for the strategy. The vehicle is expected to achieve a net IRR exceeding 25%, establishing itself as a successful opportunistic commercial real estate investment in a market historically characterized by distressed pricing and limited institutional capital deployment. This track record directly underpins the confidence in Fund II's larger capital target.
Greece's commercial real estate landscape presents compelling structural dynamics for investment. The country's decade-long economic recession created a pronounced under-investment in new development, resulting in a significant supply-demand imbalance in Grade A office space. While capital values and rental rates remain below their 2008 peak levels, they are on a consistent upward trajectory, suggesting further appreciation potential as the Greek economy continues its recovery path.
Dromeus Capital Group was established in 2008 by Achilles Risvas, a former Lehman Brothers fixed income professional who serves as Chief Executive Officer and Global Chief Investment Officer. The firm operates an absolute return strategy alongside real asset and separately managed account offerings, with particular expertise in European logistics and Greek commercial real estate. The timing of Fund II's launch coincides with Greece's broader economic stabilization and institutional investor appetite for European real estate exposure in recovering markets.
Fund I's performance provides strong validation for the strategy. The vehicle is expected to achieve a net IRR exceeding 25%, establishing itself as a successful opportunistic commercial real estate investment in a market historically characterized by distressed pricing and limited institutional capital deployment. This track record directly underpins the confidence in Fund II's larger capital target.
Greece's commercial real estate landscape presents compelling structural dynamics for investment. The country's decade-long economic recession created a pronounced under-investment in new development, resulting in a significant supply-demand imbalance in Grade A office space. While capital values and rental rates remain below their 2008 peak levels, they are on a consistent upward trajectory, suggesting further appreciation potential as the Greek economy continues its recovery path.
Dromeus Capital Group was established in 2008 by Achilles Risvas, a former Lehman Brothers fixed income professional who serves as Chief Executive Officer and Global Chief Investment Officer. The firm operates an absolute return strategy alongside real asset and separately managed account offerings, with particular expertise in European logistics and Greek commercial real estate. The timing of Fund II's launch coincides with Greece's broader economic stabilization and institutional investor appetite for European real estate exposure in recovering markets.
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