A new residential investment fund from European asset manager Patrizia is among four vehicles launching or landing capital.
Patrizia is said to be targeting €1bn of commitments for a new vehicle called TransEuropean Living, which is expected to deliver returns in the range of 13% and 15%, while in the UK Fiera Real Estate’s local arm announced plans to launch a new logistics development fund.
Neuberger Berman, an American private, independent, employee-owned investment management firm, has raised $1.05bn (€1bn) for its real estate private equity ‘secondaries’ fund, surpassing its $800m target.
Sculptor Capital Management, based in New York, received a new $200m commitment from New Mexico State Investment Council (SIC) for its Sculptor Real Estate Fund V fund which will focus on acquiring alternative assets such as gaming properties, hotels and senior housing. The vehicle, which is seeking to raise $3bn, is targeting a 20% exposure to Europe with the rest planned to be invested in the US.
Another recently launched fund, Ezore, made its first investment this week with the €110m acquisition of Aquardens, Italy’s largest themal park located in the Veneto region. The fund was launched in December 2024 by French private equity firm Eurazeo with a focus on operational real estate assets (ORE) across Europe.
Aquardens’s management together with Eurazeo’s real estate team will embark on an ambitious capex programme including the addition of sauna and spa offerings alongside additional amenities, and the development of an onsite four-star hotel.
Eurazeo has also committed to decarbonise the asset, by allowing it to produce renewable energy on-site.
Riccardo Abello and Pierre Larivière, co-heads of real estate at Eurazeo, commented: “We are very pleased to announce this investment in Aquardens which, with the expertise and experience of the current management team, has firmly established itself as Italy’s leading thermal park. It marks an ideal first transaction for the Ezore strategy as Aquardens is already benefitting from the growing trend of experience-driven consumption. This transaction symbolises our position as a transformational investor with a proven two-pronged value-creation strategy, supporting both the business growth and the assets enhancement and expansion.”
Also in Italy, Invel Real Estate provided a €111m financing to the Boscalt Hospitality Fund for the redevelopment of the former Hotel Majestic. Following completion of the project, the luxury hotel on Rome’s Via Veneto will provide 87 rooms operating as Baccarat Hotel Rome.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| 10% stake in Heathrow airport | alternative | London | Ardian | Ferrovial, CDPQ | 84 million passengers | £866 (€1,000) | Last year, Ardian acquired its 22.6% majority stake in Heathrow Airport |
| Miu Miu’s new Bond St store | retail | London | Prada | M&G Life Fund | NA | £250 (€302) | Miu Miu opened the store in 2010 |
| 22-property strong retail portfolio | retail | Germany | Habona | Unnamed German institutional investor | 60,000sqm | €132 | The acquisition was made for a special fund invested by a German insurance company |
| Aquardens | alternative | Verona | Eurazeo Real Estate | Zuliani family | NA | €110 | It is the first asset for the Ezore fund which focuses on operational real estate assets across Europe |
| Trianon Cineasten AB, Trianon Skurup AB, Trianon Östergård AB, Trianon Passaren AB, Trianon Västeräng AB and Trianon Ystad AB | mixed | Skurup, Ystad, Malmö | Briban Invest | Trianon | 47,000sqm | €95 | The assets generate an annual rental income of SEK74m |
| Ruby Molly Hotel | hotel | Dublin | Deka Immobilien | Creekvale Ltd | 272 rooms | €86 | The hotel will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa |
| Rheinische Straße 1 | office | Dortmund, Germany | City of Dortmund | Hannover Leasing | 21,000sqm | €67 | The asset will serve as the headquarters of the municipal utility company (DSW21) |
| logistics asset | logistics | Senec, Slovakia | REICO LONG LEASE | DSV Slovakia | 69,600sqm | €65 | This transaction represents the largest sale-and-leaseback in Slovakia since 2018. |
| Newmarket store | retail | Suffolk, UK | Tesco | Supermarket Income REIT | NA | £63.5m | The sale was completed at a 7.4% premium to the 30 June 2024 valuation |
| GTC X | office | Belgrade | Forstone Realty | GTC | 18,000sqm | €52 | The sale releases net proceeds of €24m |
| 32 resi properties | living | Czech Republic | NA | Heimstaden Bostad | 581 units | €40 | The sales are part of Heimstaden Bostad’s measures to improve its credit metrics through sales |
| Colebrook Industrial Estate warehouse | logistics | Kent, UK | Delin Property and Kuwait Financial Centre | NA | 200,000sqft | £27 (€32.6) | The purchase is part of a JV to pursue value-add opportunities |
| De Post | retail | Ghent, Belgium | Columbia Threadneedle | Private investor | NA | €20 | The iconic building dates back to 1906 |
| mixed residential / retail building | mixed | Weil am Rhein, Germany | Kingstone RE | BPD | 48 apartments | NA | The transaction took the form of a forward deal with construction expected to start in Q1 2025 |
| Edeka centre Singer | retail | Munich | ILG Fund | NA | 12,143sqm | NA | The property is rented out on a long-term basis with an weighted remaining lease term of 11.3 years |
| Nobu Hotel London Shoreditch | hotel | London | Limestone Capital | Electra Real Estate | 164 rooms | NA | Having temporarily closed in 2020, the hotel reopened two years later with an additional penthouse and two skyline bedrooms on the sixth floor |
| residential and retail building | mixed | Weil am Rhein, Germany | Kingstone Real Estate | Bouwfonds Immobilienentwicklung | 48 apartments | NA | The asset, to be delivered by year-end 2026, was bought in a forward funding deal for the Kingstone Affordable Housing Germany fund |
| Thalia Haus | mixed | Hamburg | Cells Group | Signa administrators | 20,000sqm | NA | The property will be completely renovated by 2028 |
| development site | development | Hertfordshire, UK | Investec REALIS and Kier Property | NA | 4.4 acres | NA | The acquisition is part of a new JV to develop £400m GDV of urban logistics assets across England |
| logistics park | logistics | Gdańsk, Poland | Hillwood Polska | NA | 43,000sqm | NA | The asset is fully let |
| No6 office project | office | Berlin | Colcap | Bauwens | 5,000sqm | NA | Completion of the development is planned for 2028 |
| Victoria Center | office | Bucharest | Solida Capital | Manova Partners | 8,600sqm | NA | The purchase represents the first acquisition of Solida Capital in Romania |
| H-Hotels | hotel | Germany, Austria, Switzerland, France and Hungary | HR Group | H-Hotels management | 60 hotels | NA | H-Hotels includes the hotel brands Hyperion Hotels, H4 Hotels, H2 Hotels, H+ Hotels, H.ostels and H.omes |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| 2, rond-point des Champs-Élysées | retail | Paris | Apsys | 1,800sqm | €100+ | NA | The asset is leased to Fiat and was bought by Apsys in 2019 |
| Gate House | development | Hertfordshire, UK | Sterlet and Argo | 83,650 sqft | £15 (€18) | Tuatara | The mixed-use development includes Travelodge |
| Temple Quarter Area | mixed | Bristol | Bristol Temple Quarter | 10,000 homes | NA | NA | Bristol Temple Quarter has started the process to find a long-term private sector partner for the £4bn regeneration of the area |
| 240-acre site | development | Canterbury, UK | University of Kent | 240 acres | NA | Avison Young | The plot offers potential for the development of 2,000 homes |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| BNP Paribas, Citi, Deutsche Bank, J.P. Morgan, and UniCredit | Heimstaden Bostad AB | Unsecured | €800 | The senior unsecured revolving credit facilities (RCF) replace €700m of existing facilities while adding an additional €100m in new capacity |
| Eldridge | Vita and Tide | 1068-bed PBSA scheme in Canary Wharf | £237 (€287) | The 48-storey development is expected to complete in September 2028 |
| Invel Real Estate | Boscalt Hospitality Fund | Hotel Majestic in Rome | €111.2 | The loan will be used to redevelop the 87-room luxury hotel |
| Canada Life AM | SG Rocks | York House in London | £18 (€21.7) | The five-year, fixed-rate loan is to fund the acquisition of a multi let office building |
| Triodos Bank | Harrogate Housing Association | 200 new homes in and around Harrogate | £15 (€18) | Harrogate Housing Association currently has a portfolio of just over 300 houses |
| Funds on the market | |||
|---|---|---|---|
| Firm | Fund | Strategy | Details |
| Fiera Real Estate UK | Fiera Real Estate Logistics Development Fund UK | Investing in small to mid-box logistics developments of up to 250,000sqft in major metropolitan areas. |
Fiera has closed the fund which, with leverage, has an investment capacity of up to £420m (€507.5m) in gross development value |
| Fiera plans to launch a successor fund | |||
| Neuberger Berman | NB Real Estate Secondary Opportunities Fund II | Acquiring interests in mature real estate funds for liquidity, recapitalising funds and co-investing with established managers. | The fund has raised $1.05bn (€1bn) for its real estate private equity ‘secondaries’ fund, surpassing its $800m target |
| Patrizia | TransEuropean Living | Investing in the residential sector across Europe. | The vehicle is targeting €1bn of commitments. |
| Sculptor | Sculptor Real Estate Fund V | Investing in the US and Europe with a focus on non traditional property types. | The vehicle has attracted $3bn in capital commitments and is targeting gross returns of 18-22% |
| The latest commitment comes from New Mexico State Investment Council, which is investing $300m | |||
