PGIM Real Estate has raised €457 mln in commitments from institutional investors and high net worth individuals for its European Value Partners Fund (EVP).
PGIM RE said EVP would be the first in a series of closed-end discretionary real estate funds investing in value-add investment opportunities in Continental Europe.
'Continental Europe offers a compelling mix of value-add real estate opportunities resulting from market dislocation, a cyclical recovery and ongoing structural trends in the region,' said Raimondo Amabile, head of Europe for PGIM Real Estate and senior portfolio manager for EVP.
'We appreciate our clients’ confidence in our ability to capitalize on these compelling market conditions to meet their investment objectives, as demonstrated by the strong participation from new and existing investors,' he added.
EVP sold its first asset, an office property in the Neuilly-sur-Seine office submarket of Paris, in July. The 15,000 m2 asset had been acquired vacant in July 2015 in an off-market transaction before being fully pre-let to Sephora as its global headquarters in December 2015.
EVP is currently 25% invested. Other assets include a portfolio of 26 properties located across Western Germany and a portfolio of three office buildings located in Munich office submarkets.
