Investment firm Ardian has raised €1.2bn for its second real estate fund.
The manager said the amount raised for the Ardian Real Estate Europe Fund II (AREEF II), represents an increase of more than 60% on Ardian’s inaugural real estate fund, AREEF I, which raised €737m.
AREEF II also saw a re-up rate of 84%, the manager said, adding that the fund has a strong and diversified limited partner base with nearly 100 investors – more than 50 of which are institutional – from around the world.
AREEF II received capital from 13 countries across the Americas, Europe, and the Middle East.
Building on progress already made with the inaugural fund, AREEF II will also invest in commercial property assets, mainly in office buildings in strategic locations in Europe.
The manager said AREEF II will invest in assets valued between €50m and €250m, “capitalising on the long-term structural changes of working trends”.
The fund has already deployed significant amounts of capital, with more than half of the fund invested or under-investment in the core markets of France, Germany, Spain and Italy.
Stéphanie Bensimon, the head of real estate at Ardian, said: “Companies have been re-thinking ways of working for a number of years, but this shift was accelerated by the pandemic. It brings significant opportunities for real estate investors.
“Tenants are increasingly demanding high-quality and green spaces in strategic locations with strong sustainability credentials or what we call Green+ buildings.”
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