Investment company Eika Asset Management has launched a new closed-end fund, Eika Co-Living Fund, for investment in co-living projects in Europe. The Fund has been approved by the Bank of Lithuania.
Today’s young professionals and students are increasingly choosing lifestyles that value flexibility, social interaction and community. Co-living spaces offer the opportunity to live a modern lifestyle with shared social spaces that encourage communication, exchange of ideas and collaboration.
As co-living projects gain popularity in European cities due to their financial attractiveness for residents, investment company Eika Asset Management has launched a new closed-end fund, the Eika Co-Living Fund, to invest in co-living space projects in Europe.
‘In recent years, both in Lithuania and in other European countries, there has been an active development of co-living or student housing projects, the demand for which is mainly influenced by the desire of students (both local and foreign) and young professionals to live in a modern and comfortable environment in central locations with all the necessary infrastructure. The availability of quality housing in such places is usually quite low, especially for young people, so the offer of co-living type housing creates an excellent affordable alternative, which is what the newly established fund will aim to achieve with its projects in the Baltic States, Poland and other European countries,’ says Alfredas Šemeta, the manager of the newly established fund.
The first project is planned for Riga, on the site of a former university campus. The site is unique due to its historic buildings, unique architecture and the size of the area. Each space will be adapted to a modern lifestyle, while retaining the original architectural details, which will give the project a special charm.
The Eika Co-Living Fund is the sixth investment fund launched by Eika Asset Management to invest in co-living projects in Central Eastern Europe. The new fund aims to provide investors with an average annual return of more than 12%.
Eika Asset Management recently announced the start of construction of the Senamiesčio sodai project in Vilnius, which will involve an investment of more than EUR 41 million. Eika Private Equity Secondaries Fund I was also launched, investing in StepStone Secondary Opportunities Fund V Europe, a Luxembourg-based alternative collective investment scheme.