Global investors including government pension funds have backed GreenOak to exceed its capital raising for its second European real estate strategy.
The real estate investment manager said GreenOak Europe Fund II raised €656m at close, higher than the €500m target.
The fund comprises institutional investors from North America, Europe, Asia and the Middle East, representing large corporate and government pension funds, endowments, foundations, and institutionally-managed family offices.
Fund II is fully discretionary and has the ability to acquire assets in Western European countries including Spain, Italy, France, Holland, UK, Germany, Portugal and Ireland.
In addition to Fund II’s raised €656m of capital, GreenOak has invested or committed a further €185m of Fund LP co-investment capital and has an additional €70m of committed discretionary Fund LP co-investment capital to deploy into this strategy, it said.
To date, the fund and co-investors have committed over €567m of equity across more than 20 transactions in Spain, Italy, France and the Netherlands, totalling over €1.8bn in value.
John Carrafiell, co-founder of GreenOak, said: “We are still in the middle innings of the deep-value opportunity in select European markets with motivated sellers, such as banks, insurance companies, government entities, funds winding-down and liquidity-driven sellers, driving many of our acquisitions.
“We believe our differentiated mid-market focus and direct asset and property management expertise, have established GreenOak as a reliable counterparty for sellers, lenders, developer-partners and tenants in our target markets.”
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