Revetas Capital has closed its Central and Eastern Europe (CEE) fund with a total of €226 mln, PropertyEU has learned.
Sources said Revetas Capital II had reached the total counting the fund, parallel vehicles, and co-investment equity two years after launching the vehicle.
According to previous announcements, the company reached a first close for the value-added/opportunistic fund on €63 mln in May 2015 targeting €200 mln, with a hard cap of €300 mln focused on value-added and opportunistic real estate opportunities in Central Eastern economies. It then held a second close on €120 mln in March 2016 with investors including Deutsche Finance Group and New York-based Church Pension Fund responsible for retirement health and life insurance benefits for the Episcopal Church in the US.
Investors also include a government-owned US museum endowment, according to sources. The vehicle is 40%invested.
Revetas was formed by Eric Assimakopoulos in 2013 as a company designed to recapitalise distressed real estate in the CEE region. Other senior management figures include investment director Radu Boitan, a former head of capital markets at JLL in Romania, regional COO Jan Bukovsky, director of retail Wolfgang Idl, CFO Ian Jones, and general counsel, Kiril Klaturov.
The firm manages assets in Bulgaria, Czech Republic, Hungary, Poland, Romani, Slovak Republic and Slovenia.
In 2015, Assimakopoulos took part in PropertyEU’s Poland, Central & Eastern Europe Investment Briefing, an excerpt of which can be seen here: https://www.youtube.com/watch?t=12&v=YsCFmQLMauU
