Norges Bank and Generali top European capital raise in July

The EUR 550 mln joint venture announced in July between Norges Bank Investment Management (NBIM) and Generali Real Estate in France was the biggest capital raise in Europe that month, according to Indirex, the online data centre for unlisted real estate.

In total, nine fund raising announcements were made in Europe in July, but only four of these reported successful raises, Indirex said. The three other successful funds included Icecapital Housing Fund III, focused on Finnish Residential, which raised EUR 400 mln; Amstar Global Property Fund II, specialising in Turkish retail, which raised EUR 95 mln and the Internos Special Hotel Fund which raised EUR 75 mln.

In the UK, two funds made early announcements - Longbow Real Estate Debt Investments III and the Providence Value Property Fund - but neither announced raising figures.

Globally, 29 new fund raising announcements were reported, with 19 of these confirming new equity commitments. Two pan-global funds raised capital during July, with Rockpoint Real Estate Fund IV receiving the largest commitment following a second close of $1.07 bn (EUR 870 mln). This increased the total equity raised by the fund to $1.4 bn.

Capital raising activity has remained buoyant in the US with three funds announcing closings of over $500 mln: FCP Realty Fund II, Wheelock Street Real Estate Fund and Tishman Speyer Real Estate Venture VIII.

Strong first closes were also reported by CBRE Strategic Partners US Value VI Fund & US Property Fund V (USPF V), both of which received commitments of over $300 mln.