Le mie ricette per la real estate communityPATRIZIA AG, the global partner for pan-European real estate investment, announces a further EUR 384 million of equity commitments for its flagship discretionary value add fund, TransEuropean VII LP (“TEP VII” or the Fund”), which, combined with the EUR 250 million previously announced, brings the total raised to date to EUR 634 million.
Backed by investors from the UK, the Middle East, Europe, the US and Asia, the Fund is the largest in the PATRIZIA TransEuropean series. Originally targeting a EUR 500 million equity raise with a hard cap of EUR 750 million, fund raising is expected to continue through the first quarter of 2020, until a planned final close in early April.
TEP VII will pursue a cash-flow driven, value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the UK, adopting a more ‘operator’ style approach. With a target firepower of EUR 1.5 billion, just over EUR 550 million has already been committed in 11 separate transactions across key European cities including Madrid, Paris, Barcelona, London and Berlin.
The TransEuropean series of funds was first launched in 1992 and has invested in 13 European countries since that time, generating a 12.6% pa IRR.
Source : Company