Canada-based asset manager Brookfield has raised €725 mln in equity for its first core-plus real estate fund focusing on Europe.
The giant investor made the announcement at the first closing of the fund, named Brookfield Premier Real Estate Partners Europe (BPREPE). PropertyEU reported the launch of the fund, last month.
Earlier this year, the fund made its first acquisition, an office at 42 rue de Paradis, in Paris.
Zachary Vaughan, head of Europe real estate at Brookfield, said: ‘Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe.
‘This fund, combined with our on-the-ground presence and operations across Europe, should continue to serve us well over the long term.’
Blackstone manages €30 bn of real estate in Europe, three quarters of which is office property, with the remainder being hotels and residential. Last year, it bought and sold around €800 mln of assets in the continent.
The BPREPE fund follows the launch of an open-ended real estate fund in the US and Australia, as the company focuses on cultivating and encouraging investors to align with Brookfield across different risk strategies in varied regions.
