Peakside Capital, the spin-out from Bank of America Merrill Lynch, and GRP Capital, a recently formed German property company, have established a joint venture targeting German residential properties.
According to a source familiar with the two firms’ plans the pair are expecting to put to work €200 million by the end of 2016. The funding will come primarily from Peakside Capital with GRP Capital sourcing and managing the investments.
“The creation of Peakside GRP Capital, allows us to continue diversifying and extending our product range to incorporate more defensive real estate investments,” commented Boris Schran and Stefan Aumann, the two managing partners and founders of Peakside.
Peakside Capital is a Zug-headquartered Europe-focused private equity real estate firm that spun out from Bank of America Merrill Lynch in September 2010. Headquartered in Zug, Switzerland the firm currently has approximately €1.4 billion of assets under management with a strategic focus on opportunistic and value-add assets.
GRP Capital is a German property company which was established in June by Peter Willisch and Matthias Franke, who were previously responsible for Augsburg-based real estate investment manager Patrizia’s fund management team.
“We are delighted to have tied up with Peter Willisch and Matthias Franke as partners, who have an excellent track record within the industry for developing focussed fund strategies and managing the types of investment that we are targeting,” added Schran and Aumann.