LUXEMBOURG & NEW YORK--(BUSINESS WIRE)--
VITRUVIAN SCA SICAV SIF (the "Fund”) is pleased to announce its first transaction in NYC; it has acquired a 49% interest in 159-161 West 85th St, New York. This is a residential apartment building located on the Upper West Side of Manhattan.
The real estate Fund which is officially announcing its launch has secured options on a few other prime location properties in NYC and Washington DC, has finalized partnership agreements with its first partners/clients in Europe and has received commitments from qualified investors for future transactions.
Pertaining to a filing by its sponsor VITRUVIAN REIM, the real estate Fund was recently listed by the Luxembourg Regulator, on the official list of specialized investment funds. Based in Luxembourg, the Fund is offering Qualified and Institutional Investors direct exposure to the stable US residential real estate market. Vitruvian REIM aims to become the leading player in Europe through two primary private investor segments i.e. Distributors (Private Bank, Family Offices, and IFAs) and Institutional (life insurance / asset manager…).
For its launch, Vitruvian REIM (www.vitruvian-reim) has received the operational support from NY based Infinity Urban Century Group (“IUC”). IUC currently operates approximately 2 million square feet of commercial properties and development projects in 13 States; its principals have led transactions of over $3 billion in real estate related Investments. Also, former Global Controller of Silverpeak Real Estate - Robert Shaw, recently joined Vitruvian REIM as the CFO/COO.
The real estate Fund will pursue a conservative approach. It will invest primarily in multifamily properties located in the 10 largest US metropolitan areas, and it will keep a liquid position at all times. The Fund aims to achieve an 8% annualized return (net of management fees). Over time, Vitruvian REIM plans on offering investors access to other segments of the American real estate market (office and retail properties, redevelopment properties etc.) through segregated sub funds.
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