Paris-based reinsurance group Scor has closed marketing of its latest real estate loan fund, having grown the vehicle to €360 mln.
Paris-based reinsurance group Scor has closed marketing of its latest real estate loan fund, having grown the vehicle to €360 mln.
Scor Investment Partners (Scor IP), the group's portfolio management company, said the closing of fundraising for Scor Real Estate Loans II came four months earlier than originally planned.
The size of the fund increased to €360 mln, compared to an initial objective of €300 mln, bringing the assets managed by the company on the real estate loan market to around €650 mln.
Scor Real Estate Loans II fund is a French 'loan fund for the economy' (fonds de prêt à l’économie or FPE), investing in real estate mortgages, primarily on the French market. The fund prioritises the financing of assets undergoing restructuring or repositioning, with a preference for projects participating in the energy transition.
Scor IP's real estate loans team intends to deploy the capital over an 18-month period to construct a balanced portfolio, focusing on projects involving buildings that have been awarded environmental labels. Three investments have already been made.
The fund was marketed to around ten European institutional investors that have invested alongside the Scor group.
Scor IP acts as a fund investment advisor and not as the asset management company.
