US developer-investor Tishman Speyer has raised €750 mln of equity at the final close of its latest European value-add fund, exceeding the €600 mln target.
Tishman received commitments from 20 investors from across Europe, Asia and the Americas for the fund, known as TSEV VIII (Tishman Speyer European Real Estate Venture VIII).
TSEV VIII will focus on repositioning, developing and redeveloping high-quality office and mixed-use properties in Europe. The fund will also consider ground-up development opportunities and residential investments with value-creation potential.
To date, TSEV VIII has made a significant investment in Madrid’s Las Tablas, marking Tishman Speyer’s return to the Spanish market after a decade and also representing an important step in the continued growth of its European business.
Tishman Speyer will use the fund to seek out new opportunities across Europe with a primary focus on Berlin, Frankfurt, Hamburg, London, Munich and Paris.
Bernard Penaud, head of Europe for Tishman Speyer, commented: ‘The successful closing of our TSEV VIII capital, with commitments in excess of our original target, is a clear indication of the continued strong levels of investor appetite for the first-class opportunities Europe continues to offer. It also recognises our teams’ excellent track record of value creation across the region.’
Tishman Speyer first invested in Europe in 1988 and now has €7.1 bn in AUM invested in European markets in core and value-added private equity real estate funds and joint ventures.
