‘The best buying opportunity since 2008’ was cited by BlackRock, kicking off its next European value add fund.
And US manager Ares announced a $1 bn mandate to invest more in debt with Middle Eastern investors Aldar and Mubadala, which is the 31st real estate credit vehicle tracked by PropertyEU this year.
BlackRock secured €774 mln in initial investor commitments at the first close of its latest European value-add fund, saying cyclical and structural factors were the best for 15 years. It will focus on residential, including student housing, data centres and logistics.
The Ares European Real Estate Debt strategy is expected to upsize to approximately US $2 bn in capital commitments from Mubadala, Aldar and Ares funds. Including anticipated leverage, the total available capital for the strategy is expected to be in excess of $5 bn.
Japanese, UK, French and German banks participated in three large refinancings ranging from a £200 mln bilateral loan for UK residential provided by HSBC to an international club refinancing a shopping centre for Klepierre.
We also track nine deals closing where pricing is available, with five of them in the Nordics and Baltics and the largest of these a €300 mln portfolio of 47 Swedish care homes. A €157 mln German office deal also completed, in Hamburg. There are two new assets on the market.
