BentallGreenOak has received €869m in capital commitments from institutional investors around the globe for its second European real estate debt fund.
The manager said the amount raised by the GreenOak Europe Secured Lending Fund II fund exceeded its target of €800m. The first fund raised €600m in December 2017, exceeding its €500m target.
The latest fund targets opportunities in Germany, the Netherlands, the Nordics, and Ireland, the manager said, adding that the fund has so far made 8 investments with a total value of €382m.
The investments made are in the form of loans in the Netherlands and Ireland secured against office, logistics, residential and mixed-use properties, the manager said.
“In the current environment, BentallGreenOak’s European Debt team sees the best risk/return opportunities in providing debt to non-core and value-add assets which are often overlooked by traditional core lenders,” the manager said
Jim Blakemore, managing partner and head of global debt at BentallGreenOak, said: “That the fund has exceeded its target of €800m demonstrates both the strong demand for this strategy and the confidence in the strength and capabilities of our European debt team.
“Moreover, it underscores the value of our integrated real estate platform which benefits from equity and lending experience and enables us to source, underwrite, close and service loans, as well as asset manage direct real estate.”
Manja Stueck, COO of debt and head of capital markets Europe at BentallGreenOak, said: “The closure of our second European debt fund and deployment of already close to half of the capital is testament to the market’s need for specialist, flexible lending solutions.
“I believe that the BentallGreenOak European Debt team has established a reputation for being professional, dependable and creative, which is the reason why we continue to see sustained interest from new and existing investors.”
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