Fabrix Capital has announced that it has raised a total of £25 mln (€28 mln) of equity from three institutional family office groups in the second close of its Fund 2.
The final fund is expected to reach a gross asset value of £100 mln (€113 mln) following subsequent raises.
Fabrix i2 is a closed-ended commercial real estate investment fund that seeks to deliver investment returns by acquiring and enhancing under-developed office properties in fringe areas of Central London. The fund targets an IRR of 12.00% over the vehicle’s seven-year term. It has a target LTV level of 55%.
In addition, Fabrix also announced that it has acquired its second asset for the fund, a 10,800 sq ft (1,000 m2) historic mews warehouse building bought for £5.5 mln. Fabrix plans to undertake a full-scale refurbishment of the building to deliver affordable office space.
Clive Nichol, managing director of Fabrix Capital, said: 'We believe that the Fund is well placed to deliver on its value-add strategy, based on our ability to buy well and deliver smart asset management initiatives to extract unrealised value. Our first two acquisitions and the progress we have made to date on those assets reflect that plan.'
