Dasos Capital Oy Ltd (Dasos) is partnering with Cromwell Property Group (Cromwell), real estate investor and manager to establish a pan-European, wooden building property fund.
The open-ended fund will target an initial first close of €100 million committed equity with a target portfolio value exceeding €1 billion over a longer term.
The wooden real estate market is evolving rapidly, growing at 8% per annum in Europe. The market is driven by major advances in wooden building technology, especially by breakthroughs in engineered wood products (EWP) such as cross laminated timber (CLT), laminated veneer lumber (LVL) and glulam.
Storing atmospheric carbon sequestrated by forests into wooden buildings leads to substantial carbon savings compared to normal steel and concrete intensive building practices. It also helps to address the property industry’s growing climate change challenge, with the world’s building stock expected to double by 2050 and buildings and construction already accounting for 39% of global greenhouse gas emissions in 2019.
Wood-based construction creates a long-term “urban carbon stock” and complements Dasos’ set of forest-based climate change mitigation services to investors and society.
Dasos will contribute the building materials experience, especially EWP expertise in the joint venture, as well as know-how related to sustainability, land and wooden building technology, and Cromwell will contribute its real estate investment, fund, asset, project and development management experience. In addition, Dasos has also strengthened its capabilities by a co-operation arrangement with Stora Enso, one of the global leaders in wood-based construction and a specialist in the manufacturing of EWP.
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For further information: Olli Haltia, +358 40 901 0338, email@example.com