Fund manager La Française REM has raised €150 mln of equity at the first closing of its senior debt fund, LFP Créances Immobilières.
Fund manager La Française REM has raised €150 mln of equity at the first closing of its senior debt fund, LFP Créances Immobilières.
The vehicle, which is dedicated to institutional investors, is targeting a size of €400 mln, the manager said in a statement.
It is the first debt fund launched by La Française REM and follows the establishment of a debt platform in June last year, when the company poached Athema Corporate Finance's team led by head of structured finance Bertrand Carrez.
Initially, the equity will be invested exclusively in senior debt backed by French commercial real estate with a core/core plus profile. The target spread is 250 basis points.
The fund has made the first investment with the acquisition of a €20 mln five-year financing reflecting a loan-to-value of 50%.
'Many other opportunities are being considered, representing a further investment of €100 mln which should take place in the next two to three months,' the company said.
La Française REM is majority-owned by Crédit Mutuel Nord Europe.
