Weinberg Capital Partners (WCP) has raised €140 mln so far for its latest value added fund, with a second close held during lockdown, PropertyEU has learned.
The Paris-headquartered firm is working towards a total equity target of €250 mln.
WREP#3 has a strategy to reposition and develop office, retail and business buildings, mainly in Paris and the Ile de France region. Deal size varies from €25 mln to €100 mln.
Founded in 2005, WCP is an independent investment company that has traditionally been active in the buyout industry, but broadened its area of activity to real estate assets in 2008.
It held a first close of its new fund last November on €110 mln shortly after completing a maiden deal for the vehicle - a flagship building located in the 9th arrondissement of Paris. It is being renovated by architect Franklin Azzi. In October, WCP signed a lease on the entire building with a first legal tenant.
Jean-Philippe Olgiati oversees real estate activities. He joined the firm in 2018 as MD of real estate, having previously overseen BlackRock Real Estate's investments for Europe, principally for its value added and Euro Zone Core funds.
During the initial outbreak of the Covid-19 pandemic, the French market slowed greatly along with other major real estate investment hubs.
France is only now beginning to return to some normality with reports of assets coming to the market. However, experts have said recently that financing for real estate deals remains a challenge.
Erik Sonden, Paris-based senior advisor to DTZ Investors, explained to ULI members during a virtual discussion this week that contruction sites in France were back open. However, he said: 'If you want to initiate a conversation with your bankers, it is complicated unless it is a question of extensions, which are quite easy to obtain given the very strong support from the French state.'
