PATRIZIA has raised a further €384m of equity for its value add fund, TransEuropean VII.
Combined with the €250m the fund has already raised, this brings the total raised to date to €634m, well ahead of the €500m target.
Fundraising for TransEuropean VII, which has a hard cap of €750m, will continue through the first quarter of 2020, until a planned final close in early April.
Backed by investors from the UK, the Middle East, Europe, the US and Asia, the fund is already the largest in the TransEuropean series
TEP VII will pursue a “cash-flow driven, value-add strategy” mainly across the office, industrial and residential sectors in continental Europe and the UK
Just over €550m has already been committed in 11 separate transactions across key European cities including Madrid, Paris, Barcelona, London and Berlin.
Paul Hampton, fund director of the TransEuropean series at PATRIZIA said: “This is an exciting time for TEP VII and as we move into the final phase of the equity raise, we are looking forward to progressing the assembly of the portfolio as our teams across Europe continue to unlock compelling opportunities.”