Non-listed property funds raise EUR 3.9b in August

Non-listed real estate funds raised $5.1 bn (EUR 3.9 bn) globally in August, with Asia seeing an increasing share of the action, according to data published by Indirex.

Indirex, an on-line community for indirect real estate, said 32 new fund raisings were announced for August, with 25 relating to new equity commitments.
Over 40% of the cash raised is destined for Asian markets.

Australia's Colonial First State Global Asset Management Property announced it had raised more than AU$547 mln (EUR 437 mln) from six domestic and institutional investors for its CFSGAM Property Enhanced Retail Fund (CERF). The original target was A$500 mln.

SC Management's Singapore-baxsed Real Estate Capital Asia Partners fund (RECAP) III closed on $530 mln, well above the target of $400 mln and hard cap of $500 mln.

There were six fundraising announcements in Europe in August. The larget was the EUR 200 mln first close of Europa Capital's Europa Fund IV.

Other raisings included Aberdeen Residential Sweden Fund, raising EUR 115 mln, NREP Nordic Retail Fund II raising EUR 121 mln and the Cordea Savills European Retail Fund raising EUR 70 mln.