A newly launched real estate investment manager has raised €100m for its first fund to take to invest in European offices.
Tokoro Capital, launched by former Brockton Capital executives Sanjay Sethi and Max Bassadone, has closed its TKO-I fund with the backing of an unnamed European institution as a cornerstone investor.
Tokoro Capital said, adding leverage, the fund has €250m of investable capital that will initially target office opportunities in London and Paris.
The manager said the fundraising, which was achieved against the “backdrop of the COVID-19 pandemic, underlines the continued appetite amongst investors to deploy capital into real estate and particularly into funds with no legacy assets”.
The fund will initially seek office investments where active asset management is both accretive and defensive of capital value and will target office assets worth €20m to €100m, the manager said.
Sanjay Sethi, co-managing partner at Tokoro Capital, said: “We did not raise a fund anticipating distress but we wanted to create a vehicle that could benefit from both periods of stability and volatility in the investment cycle.
“This is the first of what we hope will be a series of funds across a number of asset classes.”
Max Bassadone, co-managing partner at Tokoro Capital, said: “We remain steadfast in our conviction that well located, highly amenitised offices offering a carefully curated mix of indoor and outdoor space will continue to be highly sought after, especially as the clear social value of workforce interaction becomes apparent and the cycle of living at work is broken.
”Closing our first fund against the backdrop of the COVID-19 pandemic is a clear endorsement of this strategy and vision.”
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