Invel Real Estate has raised €400m for its latest opportunistic living and hospitality fund, surpassing its €300m target.
Invel Eudora Fund 2 attracted investors from across Europe, the Middle East and North America, including asset managers, financial institutions, family offices, foundations and provident funds.
The fund targets investments in Italy and Greece and has a total investment capacity of more than €1bn when factoring in leverage, Invel said.
It invests across the capital structure in mispriced or dislocated assets, providing liquidity and recapitalisations, as well as acquiring single assets, portfolios and platforms to reposition or develop.
Invel said the fund has deployed around 60% of its capital into 10 investments, with one asset already realised.
The investments include a partnership with YellowSquare to build a 5,000-bed hospitality platform in southern Europe, a 2,000-unit Greek flexible living platform and a €111m whole loan to support the conversion of Rome’s Hotel Majestic into the Baccarat Hotel Rome.
Chris Papachristophorou, managing partner and founder of Invel Real Estate, said: “We are excited by and appreciative of the strong support we have received from our investors during the fundraising process.
“At Invel, we have always operated with a true ownership mindset: our interests are fully aligned with those of our investors and since inception we have delivered strong results through a disciplined approach to sourcing, structuring and actively managing investments in markets where we have deep local expertise and long-standing relationships.”
Gabriele Magotti, partner and CIO at Invel Real Estate, said: “Southern Europe offers highly attractive risk-adjusted opportunities, characterised by structural supply-demand imbalances, market dislocations and a continuing need for flexible capital solutions. These dynamics play directly into Invel’s strengths.
“Since the fund’s first close, we have built a strong and diversified portfolio across sectors with attractive supply-demand fundamentals, with predominantly off-market transactions, each structured to deliver compelling risk-adjusted returns.”
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