Investment manager Valad Europe has secured a further €190 mln of equity from existing investors for its Valad European Diversified Fund (VEDF), enabling it to expand into France.
Investment manager Valad Europe has secured a further €190 mln of equity from existing investors for its Valad European Diversified Fund (VEDF), enabling it to expand into France.
The fund, which has so far invested around €234 mln in a diversified portfolio of 14 assets, with a further €229 mln under offer or exchanged, across the UK and Germany, will now also allocate up to €250 mln to investments in France.
At is first close last December, VEDF secured €180 mln of equity commitments from international investors. The fund employs leverage between 50-65% and targets individual lot sizes between €5 - €50 mln across the office, retail and industrial distribution warehouse/smaller logistics sectors.
David Kirkby, CIO of Valad Europe, commented: ‘Having acquired or contracted in excess of €450 mln over the past eight months, securing these additional equity commitments from the Fund’s investors will enable VEDF to continue pursuing its investment strategy and further expand it geographically into France.’
He added: ‘We believe France will provide additional attractive opportunities to enhance the Fund and we have a strong team on the ground seeking good quality investments, with an offer already accepted on our first acquisition. At the same time, the UK and Germany continue to provide attractive investment opportunities.’