Amundi is seeking to raise €600m for a second commercial real estate debt fund to invest in Eurozone senior mortgage debt.
The asset manager said it has raised an initial €150m for the newly launched Amundi Commercial Real Estate Loans II (ACREL II) fund, to mainly focus on sectors that have “demonstrated resilience in a volatile and uncertain environment”, such as premium offices, logistics and managed residential properties.
ACREL I, the manager’s predecessor fund raised €443m from leading European institutional investors.
Amundi said ACREL II will mainly target property-backed debt with core or core-plus quality risk profiles, with a “carefully managed value-add component as an additional performance lever”.
Bertrand Carrez, the head of credit real estate debt at Amundi, said: “With this successor fund ACREL II, we aim to offer investors indirect exposure to real estate that will be both resilient and offer a high relative value, building on the success of the first vintage which demonstrated the depth of our market access, as well as the robustness and agility of our management model.”
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