Another real estate coup for CACEIS 09 August 2013Munich Reporter: Georgina Lavers
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CACEIS’s experience in servicing real estate funds is paying off, with the asset servicing provider snaring two mandates in August.
The investment and real estate specialist, PROJECT Investment, has engaged the group as its depository services provider.
CACEIS will provide full depository services for Germany’s leading manager of purely equity-based real estate funds.
According to the German KAGB regulation, fund managers must appoint a depository for each AIF they manage, if it is to be marketed within the EU. The depository has the responsibility for monitoring the fund assets held in custody as well as the AIF’s cash flows.
Wolfgang Dippold, managing partner and founder of the PROJECT Investment group, said: "Our decision to select CACEIS as our depository services provider was based on the group’s extensive experience, well-proven stability, and the financial security that comes from working with Europe's largest depository bank."
Holger Sepp, co-head and member of the management board of CACEIS in Germany, said: "Our services are designed not only to assist PROJECT Investment with meeting regulatory compliance goals, but also to provide high levels of asset security for the group and its investors.”
This is the second mandate for CACEIS this month. GLL Real Estate Partners (GLL), the Munich-based real estate fund management company, announced that it had entrusted the depository function of its special-AIF fund to CACEIS.
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