Fund manager Infrared Capital Partners has closed its latest real estate fund, InfraRed Active Fund III (Active Fund III) after raising £475 mln (€600 mln) of equity, well above its target of £400 mln.
Fund manager Infrared Capital Partners has closed its latest real estate fund, InfraRed Active Fund III (Active Fund III) after raising £475 mln (€600 mln) of equity, well above its target of £400 mln.
More than 20 investors took part in Active Fund III, including institutional players from Europe, the US, Canada, Malaysia, Australia, Qatar and the United Arab Emirates.
Taking into account the expected associated leverage, Active Fund III has an investment capacity of £1 bn, the company said in a statement.
The fund will pursue a value-add strategy with a focus on offices, shopping centres and industrial/logistics assets in the core markets of the UK, Germany and France.
Infrared has already committed more than 40% of equity to six projects in its target markets. The portfolio currently includes Tour Hachette with 14,000 m2 of offices in the 15th arrondissement of Paris; the Eastgate shopping centre in Basildon, Essex; the Mill Gate shopping centre in Bury, Greater Manchester; over 200,000 m2 of logistics assets in the UK; as well as the 40,000 m2 Leitwerk office building in Munich.
Atlantic-Pacific Capital acted as global placement agent for InfraRed. Weil, Gotshal & Manges acted as legal advisor to the fund.
