TH Real Estate has raised an additional €422 mln for its European Cities Fund from five international investors. The European diversified core, open-ended fund now comprises investors from Germany, Austria, the Netherlands, Italy, Ireland, the US and Australia. To date the fund has raised about €1 bn in equity.
'This additional equity is testament to investors' confidence in both the fund’s city-focused strategy and our ability to successfully deploy the capital, leveraging our extensive local network across Europe,' commented Andrew Rich, European Cities Fund manager.
Launched in March 2016, the fund has since secured an initial portfolio of assets totalling €940 mln, with a further two deals close to completion, representing around €1.6 bn of real estate across Europe in total.
TH said that the most recent capital raise provides a further €550 mln of total investment capacity for additional assets across the office, industrial and retail sectors.
Current holdings in the fund include Helsinki’s 36,600 m2 shopping centre, Kamppi (pictured), Xanadu Shopping Centre in Madrid alongside Intu, The Omni Centre in Edinburgh, and the forward funding of The Cube in Berlin, a 18,500 m2 prime office development. Further office investments are close to completion.
