GreenOak Real Estate has completed the fundraising for its Europe Secured Lending Fund with €600m of commitments, exceeding the €500m target.
GreenOak said, in total, it has raised over US$1.5bn (€1.3bn) for European real estate debt strategies.
The Europe Secured Lending Fund fund provides loans of up to 75% loan-to-value, ranging in size between €5m and €100m, with the capacity to go higher.
The fund is already 60% deployed across 12 loans secured by 60 properties in Germany, the Netherlands and Ireland.
The news follows the closing of GreenOak’s second UK real estate debt fund, the GreenOak UK Secured Lending Fund II, which raised £625m in July.
Formed in 2010 by former Morgan Stanley Real Estate professionals John Carrafiell, Sonny Kaisi and Fred Schmidt, GreenOak has raised a total of US$1.9bn of discretionary capital for lending in the UK, Ireland and mainland Europe.
Jim Blakemore, who leads European debt strategies, said: “GreenOak has been very active across the debt lending space for transitional real estate in both the UK and Europe.
“Clients value our flexible approach and the speed of execution.”
John Carrafiell said the breadth of investors in the two funds demonstrates the strength of GreenOak’s global platform and European presence.
It also shows team’s extensive lending track record, with insurance and pension fund investors originating from the UK, continental Europe, such as Germany and Switzerland, Asia, the Middle East and Australia, he said.
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