Information on the target
CORUM Eurion is a specialized real estate investment vehicle, registered on January 21, 2020, under the AMF visa number 20-04. Managed by CORUM Asset Management, which is authorized by the AMF under number GP-11000012 and in accordance with the AIFM directive, CORUM Eurion focuses exclusively on investments within the Eurozone. The investment thesis is based on the premise that rental yields in several European capitals, such as Dublin, Amsterdam, Lisbon, Helsinki, Milan, and Madrid, remain structurally superior to those in central Paris, while maintaining equivalent tenant quality. As of March 31, 2026, CORUM Eurion boasts a capitalization of €1.507 billion, reflecting a 2% increase since January 1, 2026, and has attracted 41,173 investors, signaling a robust collection amidst a challenging market environment.
Industry overview in the target’s specific country
The European monetary cycle has stabilized following a tightening phase from 2022 to 2023 and a subsequent easing that began in 2024. The European Central Bank (ECB) has maintained its interest rates at levels that provide clarity to real estate markets. Between 2023 and 2024, SCPI (Société Civile de Placement Immobilier) investments faced skepticism due to significant revaluations experienced by several historical vehicles. However, SCPI investments are regaining traction among wealth investors, with CORUM Eurion standing out in this landscape.
As of the first quarter of 2026, CORUM Eurion has demonstrated a strong performance with an internal rate of return (IRR) of 6.49% since inception and a distribution rate of 5.73% for 2025, surpassing its non-guaranteed target of 4.5%. This performance is particularly appealing to high marginal tax rate investors, as the vehicle's Eurozone-only focus mitigates currency risk, unlike its counterpart CORUM USA, which is exposed to dollar fluctuations.
The investment strategy of CORUM Eurion is characterized by opportunistic management, acquiring properties on a case-by-case basis rather than adhering to rigid sector allocations. This approach allows the investment team to pivot between countries and asset types based on local market cycles. For instance, in the first quarter of 2026, CORUM Eurion acquired a 16,500 m² office building in Lille, leased to the BPCE group, for €23.5 million, achieving an acquisition yield of 7.3% with a residual lease term of 7.1 years.
The diversification of CORUM Eurion's portfolio is noteworthy, with a significant focus on office spaces, which account for 73% of the total asset value. Despite the challenges faced by the office sector due to remote work trends and rising interest rates, CORUM Eurion's strategy emphasizes high-quality tenants and long leases, positioning it favorably for future performance.
The rationale behind the deal The rationale for investing in CORUM Eurion is rooted in its strong performance metrics and strategic positioning within the Eurozone real estate market. The vehicle's focus on high-yield European capitals, combined with its robust management approach and favorable …