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Alternative Market Briefing

BentallGreenOak raises $2.3bn for third value-added fund

Wednesday, April 21, 2021

Laxman Pai, Opalesque Asia:

BentallGreenOak (BGO), the global real estate investment management advisor and provider of real estate services, has announced the successful final close of its third European value-add fund with a total of €1.9 billion ($2.3 billion) in commitments.

GreenOak Europe Fund III closed with €1.5 billion in commitments and a further €450 million in co-investments, surpassing its initial target of €1 billion. The Fund surpassed its initial target of €1 billion by over 45%.

"The support we have received from both existing and new investors has been outstanding. We had 86% of our existing investors continue to partner with us in this new fund and were able to accommodate new investors at the same time. In total we have 37 institutional investors from across the globe, including the US, Canada, the Middle East, Europe, Japan, and South Korea, bringing together a diversified and strong investor base." said Julie Wong, Managing Partner and Global Head of Capital Raising at BentallGreenOak.

Investors in the fund include the $84.2 billion Michigan Retirement Systems, East Lansing.

More than 50% of the Fund's capital has already been deployed through 27 investments made across the UK, Germany, France, Italy, Spain, the Netherlands, Norway, and Denmark.

This is the third fund in BentallGreenOak's European Value-Add strategy, which has invested over €2 billion since 2014. Fund II, which closed in 2019, has already returned 80% of its capita......................

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