Cornerstone marketing European core fund

The Hartford, Connecticut-based real estate investment manager is looking to raise at least €1 billion for the open-ended vehicle.

After last year’s European expansion, Cornerstone Real Estate Advisers, the Connecticut-based fund manager, is marketing its first fund in the region.

The firm is seeking to raise at least €1 billion in the initial close for the open-ended core vehicle called the Cornerstone European Core Fund. Cornerstone itself would kick in at least €175 million of equity.

The management fee for the fund is tiered with commitments of up to €25 million resulting in a 1.15 percent fee; 1.05 percent for pledges of €25 million to €50 million; and 0.95 percent for commitments exceeding €50 million.

Cornerstone declined to comment on fundraising.

In 2015, Cornerstone made six senior European hires and opened several new European offices. In December, Sebastian Wohlers was brought on as director of business development.

Based in Cornerstone’s Hamburg office, Wohlers will report to Albert Yang, head of business development – Europe. Yang joined Cornerstone in the newly created position back in August as the firm began its European expansion.

In November, the firm named Séverine Laffineur as head of France and opened a Paris office, which followed the recent openings of Cornerstone’s Spanish office in Madrid, Italian office in Milan and several senior appointments, including: Jorge Duarte as director of fund management – Europe, Valeria Falcone as country head of Italy; and Adolfo Favieres as country head of Spain.

Last year, Cornerstone boosted its global expansion strategy in Europe with the bolt-on of €1 billion firm Pamera Asset Management in Germany.