KRC Capital, in joint venture with Dutch pension fund APG, invests in core properties developed for citizenM Hotels. The real estate venture focuses on prime locations in Amsterdam, London, Paris, New York and Hong Kong. Currently the development of three hotels has completed in Amsterdam city centre, Amsterdam airport and downtown Glasgow. Three freehold land positions have been acquired by the fund in central London, one behind the Tate Modern Museum, one on Tower Hill tube station and one close to St. Pauls Cathedral. On Manhattan sites have been secured and development started on Bowery Street in the SOHO area and on Times Square. The fund is in the process of acquiring key positions in Paris, Hong Kong and will further expand in London and New York. The objective is to create a EUR 1 billion core real estate portfolio over the next 3 years.