Greystar raises €1.5bn for pan-European value-add residential fund

Greystar Real Estate Partners has raised €1.55bn for its pan-European value-add residential real estate fund.

The capital raised for the Greystar Equity Partners Europe I (GEPE I) at close exceeded the closed-end fund’s €1bn target.

GEPE I, managed by Greystar Europe Investment Management, raised €725m at its first close in May last year.

The manager said GEPE I’s fundraising was backed by a diverse group of global institutional investors, including both existing and new relationships to Greystar.

GEPE I’s strategy involves acquiring and developing rental apartments, student housing and young professional accommodation in Europe’s major cities.

The manager said the fund had already committed over €770m in equity, adding that it is in talks to invest an additional €220m.

Mark Allnutt, a senior managing director in Europe at Greystar, said over the last seven years Greystar has grown to become one of the largest vertically integrated residential platforms in Europe with over €8bn in assets under management.

“GEPE I gives us significant discretionary capital to continue this journey of expansion in order to provide a new standard of accommodation and service to the European rental market.”

Wes Fuller, executive managing director in charge of global investment at Greystar, said: “GEPE I follows the formula of Greystar’s long history of value-add strategies in the US.

”We are pleased to welcome existing and new capital partners from across Europe, Asia-Pacific and North America to the fund and are excited at the opportunity to grow our portfolio with their support.”

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