Resolution's third fund raising nets EUR 800 mln equity commitments

Resolution has announced the closing of its third capital raising (Resolution Real Estate Fund III L.P.) which has resulted in EUR 800 mln of new equity from leading European and US private equity investors. The new fund's first acquisition was the purchase of the prime three acre leisure complex, The Printworks, in the centre of Manchester, UK for over GBP 100 mln (approx. EUR 135 mln). This latest fund raising brings Resolution’s spending power, with gearing, up to EUR 4 bn.

Robert Laurence, chief executive of Resolution commented: 'We are particularly pleased to have closed successfully on this equity raising at this interesting time in the market cycle. It places us in an exciting position as well-funded buyers, able to purchase significant assets.' Resolution further confirmed plans to acquire retail, office, leisure and other commercial property in targeted locations throughout the UK and Continental Europe, as well as pursuing residential property opportunities and considering one-off investments in innovative or unusual property types where creative management can unlock investment value.

Resolution has invested around EUR 1.8 bn in European property, with its most recent deals being the acquisition of Megapark Barakaldo near Bilbao along with over 60 retail properties in Germany and two retail interests in Portugal (Aveiro and Evora).