US developer-investor Tishman Speyer has announced the launch of its latest value add fund, Tishman Speyer European Real Estate Venture IX (TSEV IX).
The fund has already secured equity commitments totalling €600 mln from large institutional investors and is targeting €1 bn in total commitments.
Bernard Penaud, head of Europe for Tishman Speyer, commented: ‘The launch of this new Fund reflects the continued strong levels of investor appetite for first-class European real estate. It also testifies to Tishman Speyer’s commitment to value creation across the region. TSEV IX will identify opportunities to execute ‘brown to green’ strategies in European gateway cities that deliver top quality, sustainable buildings in central, well-connected locations with attractive amenities for customers.’
The fund will pursue a strategy focusing on three main pillars: connectivity, customer experience and sustainability.
Andres Guzman, Tishman Speyer’s recently joined head of ESG, Europe, commented: ‘As a strategic priority, we are integrating ESG into every stage of the real estate life cycle, along with a set of commitments including a goal of net zero carbon emissions by 2050 or sooner across our global portfolio, and ensuring that all future acquisitions will have clear pathways to net zero.’
Tishman Speyer’s previous fund, TSEV VIII, is now close to being fully allocated. Landmark acquisitions include Q207 at Friedrichstrasse 76-78 in Berlin’s Central Business District, Espace Lumière, Tour Cristal and Carré Saint Germain in Paris, Angel Square in London and Puerto de Somport in Madrid.
Tishman Speyer first invested in Europe in 1988 and now has €6.6 bn in AUM invested in European markets in core and value-added private equity real estate funds and joint ventures.
