PropertyEU: Caerus raises another €350m for real estate debt investment

15. Januar 2015

Dusseldorf-based Caerus Debt Investments has been appointed by two major German institutional investors to advise them on investing a total of €350 mln in senior collateralised mortgage loans.

The two institutions are interested in debt with high loan-to-value (LTV) ratios, or so-called 'whole loans'.

Caerus CEO Michael Morgenroth said: 'Widening our investment solutions to include whole loans will provide investors with access to attractive yields. As part of our investors’ portfolios, these make a noticeable contribution to achieving their internal target returns.'

Together with the capital budgeted for junior and mezzanine loans, Caerus has been mandated with €420 mln for investment in loans secured on real estate. The first three investments of funds from the individual clients, totalling €188 mln, are already in place. The loans are secured both on individual properties and on real estate portfolios. Office space comprises the main use type, although mixed-use properties that include hospitality/leisure elements have also been financed.

PropertyEU Daily News, 15 January 2015; Category: Finance Watch, Other News

Absolut report: Immobilienkreditfonds – interessante Anlagemöglichkeit auch für schwierige Marktphasen

25. Juni 2014


Die Veränderungen im Markt für Kreditfinanzierungen und hier insbesondere das rückläufige Engagement der Banken betreffen auch den Immobiliensektor. Gleichzeitig steigt das Interesse an Real Assets weiter an. Die Lücke in der Finanzierung schließen immer öfter institutionelle Kapitalsammelstellen. Michael Morgenroth und Dr. Patrick Züchner von der Caerus Debt Investments AG beschreiben verschiedene Investmentstrategien im Bereich Immobilienfinanzierungen und zeigen, wie durch das Vehikel der Immobilienkreditfonds eine Lücke geschlossen und für alle Beteiligten in eine Win-win-Situation verwandelt werden kann. Lücken darf man diesem zweifachen Weltfußballer des Jahres nicht öffnen, daraus resultiert meist eine einseitige Win-Situation. Ob es für ihn zum Weltmeister reicht, wird sich zeigen. [...]

Auf Anfrage können wir Ihnen gerne den gesamten Artikel als PDF senden (Email: oder nutzen Sie das Formular unter "Download", um ein kostenloses Exemplar des Absolut report 03/2014 zu bestellen:

REFIRE Guest Column: Debt funds as credit providers – alternative or addition to bank loans?

01. Mai 2014

Not all debt funds are the same, which is why the question in the heading cannot be answered with a straight "yes" or "no", but in theory the initial answer is "both".The question as to whether debt funds can be used as an alternative or in addition to bank loans is being asked primarily as a result of changes in the regulatory environment.

Read full article, Real Estate Finance Intelligence Report Europe, No. 120, Guest column, 1 May 2014:

PropertyEU: Caerus raises €70m for new mezz debt fund at first closing

01. April 2014

German fund manager Caerus Debt Investments has raised €70mln of equity at the first closing for its debt fund, Caerus Real Estate Debt Lux SICAV-SIF-Fund I. Gothaer, one of the major German insurance groups, has committed €50mln to the fund, which already had Swiss private bank Reichmuth& Co. among its cornerstone investors. "This means we have achieved a volume of €70mln at the first closing, which we now want to invest as soon as possible," said Michael Morgenroth, CEO of Caerus Debt Investments. 

Read full article, PropertyEU Magazine, No. 3, April 2014:

REFIRE: €70m first closing for Caerus debt fund

01. April 2014

One man who looked happy at the recent MIPIM conference in Cannes was Michael Morgenroth, the CEO of Düsseldorf-based Caerus Debt Investments, one of a new breed of German debt funds stepping into the market being vacated by several of Germany's more traditional real estate lenders.
Barely nine months old, Caerus has now closed on €70m of equity for its first debt fund, Caerus Real Estate Debt Lux SICAV-SIF-Fund I, after receiving a commitment of €50m from major German insurance group Gothaer Versicherung, on top of the original €20m committed as a seed investment from Swiss private bank Reichmuth.

Read full article, Real Estate Finance Intelligence Report Europe, Online-Artikel 1 April 2014:

Immobilien & Finanzierung: Kreditfonds als Fremdkapitalgeber – Alternative oder Ergänzung zum Bankkredit?

24. März 2014

Weil Banken im Zuge der veränderten Regulierung Immobilienkredite restriktiver vergeben, tun sich Finanzierungslücken auf, die nicht jeder Investor mit Eigenkapital füllen kann oder will. Als alternative Kapitalgeber bieten sich nach Überzeugung des Autors Kreditfonds an. Diese möchte er nicht als Konkurrenten, sondern als Partner der Banken sehen. Denn ohne Ergänzungskapital wäre auch so mancher Bankkredit nicht möglich.

Lesen Sie hier den gesamten Artikel, Immobilien & Finanzierung, Ausgabe 03, 1. Februar 2014:

PropertyEU: Caerus mezz fund targets €300m

01. November 2013

Caerus Debt Investments expects to carry out a first closing by year-end or early 2014 for a German mezzanine debt fund, CEO Michael Morgenroth told PropertyEU at Expo Real. "Fund-raising is going well so far," Morgenroth said, adding that the fund is targeting equity commitments of around €300mln.

Read full article, PropertyEU Magazine, No. 9, November 2013:

Property Investor Europe: German Signa spin-off Caerus plans €300m debt fund for Anglo-style financings

30. September 2013

Caerus Debt Investments, bought out from Austria's Signa group in July, plans to
launch its first German mezzanine debt fund at €300m soon, and sees Anglo-style
structured financing coming to Germany. First investors are now signed up.

Read full article (Property Investor Europe, Edition 315, September 2013):

PropertyEU: Signa Read buy-out to focus on debt funds

16. September 2013

Michael Morgenroth who stepped down as managing director of Signa Holding on 1 July, has led the management buy-out of the company's real estate advisory unit to focus on real estate debt funds.

Read full article (PropertyEU Magazine, No. 7, September 2013):