Institutional investors backed real estate strategies to hedge inflation and find opportunities as assets reprice due to higher financing costs.
Nuveen Real Estate launched its first dedicated pan-European value-add strategy while Catella, Altera Vastgoed and ASR all raised capital for green funds. Catella’s new impact fund aims to produce more energy from its investments than its tenants and buildings consume.
Edmond de Rothschild exceeded its €300 mln final target for its first pan-European High Yield Debt Fund, which paid a 4.5% dividend to its seed investors in Q1 2023 and targets a circa 8% net IRR.
David Pearce, fund manager at Nuveen, said investors were seeking new areas of potential value ‘in an era of rising interest rates and increased costs across the supply chain.’
The largest non-portfolio loan in the history of the commercial real estate market in Poland and one of the biggest in Central and Eastern Europe was signed this week by a club of German and Polish banks. They provided €475 mln of debt to HB Reavis to refinance Varso Place in Warsaw which includes the award winning Varso Tower designed by Foster + Partners.
Several large investment transactions, that were agreed last year, closed this week including a London office building, a big bank portfolio and a 37-strong UK car parks portfolio.
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