Oslo-based private equity firm Realkapital Partners has formed a partnership with the residential unit of Cushman & Wakefield for a €600 million ($925 million) residential property fund.
The fund will primarily invest in development in major cities and growth centers in Russia, Poland, Slovakia and Romania. The firms said these regions have been identified because of increasing consumer wealth, also noting the migration taking place in these countries from rural to urban areas, with a significant amount of old residential stock needing to be replaced.
The two have begun a year-long fundraising effort, with a first closing expected at the end of April. This is Realkapital Partners' third opportunistic fund. The firm says it will use Cushman & Wakefield Residential to source investments and investors, advise on transactions and help promote the fund.
This is the first time Cushman & Wakefield’s residential unit has undertaken a full consultancy for a fund. It is also its first fund launch since its former partner RH International sold its 50 percent stake in the firm in August.