Cerberus Capital Management has reportedly completed a final closing for its $1.4 bn (€1 bn) third global real estate fund, which is understood to be focusing on distressed opportunities in Europe.
Cerberus Capital Management has reportedly completed a final closing for its $1.4 bn (€1 bn) third global real estate fund, which is understood to be focusing on distressed opportunities in Europe.
The vehicle is the largest real estate fund the New York-based private equity firm has ever raised, with the previous two being around $900 mln in size, according to a news report in the Wall Street Journal.
Cerberus held an initial close of $200 mln in July last year. Greenhill & Co is the placement agent for the fund.
The US investor has completed a number of acquisitions in the recent past, including the purchase of a portfolio of loans held against 47 German office and industrial properties valued at €440 mln from Lloyds Banking Group. In May, it acquired a £537 mln loan portfolio held against UK assets.
In Spain, Cerberus bought the real estate asset management arm of Bankia while in Germany it recently purchased Project Monsoon and Project Phoenix, respectively a portfolio of 10 retail properties and a package of nine shopping centres bought from Wells Fargo.
