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Alternative Market Briefing

Patrizia's Trans-European flagship fund oversubscribed with $2bn firepower

Tuesday, July 07, 2020

Laxman Pai, Opalesque Asia:

The global real estate investment manager, Patrizia AG announced the final close of its seventh flagship trans-European real estate fund, Trans-European VII LP (TEP VII), at its hard cap, with EUR 750mn (USD 849mn), of total equity commitments.

In the latest round of fundraising, which was oversubscribed, a further EUR 116 million of new equity commitments were secured, following the previous close announced at the end of January 2020.

The Fund has total firepower of EUR 1.8bn ($2.03bn) including leverage and has already committed to multiple transactions across key European cities including Madrid, Paris, Barcelona, London, and Berlin, primarily in the logistics sector.

The Fund has a dry powder in excess of EUR 1.0bn to be deployed over the next three years.

Backed by both existing and new institutional investors from the UK, Europe, the US, the Middle East, and Asia, the fund is the largest in the Patrizia Trans-European series, surpassing its predecessor, TEP VI, which raised €430m of equity.

TEP VII will pursue a cash-flow driven, value-added strategy across the office, logistics, residential and retail sectors in both Europe and the UK. Having already committed to a number of investments, primarily in the logistics sector, in markets such as Madrid, Barcelona, Milan and Avignon, the program has in excess of €1bn of 'dry powder' to deploy over the next three years.

Paul Hampton, Fund Chairman of the TEP series at Patr......................

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