UK private equity firm Queensgate Investments has secured financial backing from Hong Kong-based real estate group Peterson for its new fund, Queensgate Investments Fund II (QIF II).
UK private equity firm Queensgate Investments has secured financial backing from Hong Kong-based real estate group Peterson for its new fund, Queensgate Investments Fund II (QIF II).
Peterson declined to reveal the size of the investment but said that it will increase Queensgate’s spending power to more than £1.5 bn (€2.3 bn) and enable it to double the size of its assets under management.
Queensgate, a private equity real estate fund manager set up by Jason Kow and LJ Group, currently manages £850 mln of assets including the development by the O2 arena on London’s Greenwich Peninsula which comprises a 452-bed InterContinental London, an adjoining conference centre as well as 140 apartments.
QIF II is a pan-European real estate fund that will focus on assets which provide stable income and value-add opportunities. QIF II complements the equity in Queensgate Investments Fund I, the group's first fund which launched in March 2012 raising an initial £500 mln of equity.
The new Peterson money will go into the second fund, but will be used to co-invest in deals with the remaining money in the first fund, a company spokesperson said.
Jason Kow, CEO of Queensgate, said: 'Partnering with a flexible, nimble and long-term investor like Peterson, is a strategic move for Queensgate not only in terms of greater equity firepower but also the ability to acquire larger and more exciting opportunities.'
Queensgate also controls Executive Offices Group, a five-star serviced office business in central London which controls and manages around 30 high-quality serviced office buildings in Mayfair, Belgravia, Midtown and the City.