The Carlyle Group, the global private equity firm, has raised €760 million ($930 million) for its second European real estate fund, Carlyle Europe Real Estate Partners II.
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We’re trying to broaden our scope as much as we can by making investments in countries outside our core markets of France, Germany, Italy and the UK.
“The core strategy is definitely the same as our first fund,” Sasson told PEO. “But we’re trying to broaden our scope as much as we can by making investments in countries outside our core markets of France, Germany, Italy and the UK, and by looking at other types of asset.”
The fund will primarily be invested in the office, logistics and retail sectors, reflecting both where the firm sees most opportunities and where its knowledge base lies. Sasson is hoping to source most deals off-market. “We’ve got good links to corporates, either directly through our own team or through the LBO team, so we know when they’re selling,” he says.
The fund has already invested in five transactions worth more than €400 million. These include three residential developments in Copenhagen bought from NCC; and a 26-building portfolio in Italy acquired from Beni Stabili for around €255 million.
The Carlyle Group now manages seven real estate funds including a total of $4 billion of committed capital.
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Carlyle has also exited six investments from the fund worth over €250 million.
In August it closed two other regional real estate funds: the $410 million Carlyle Asia Real Estate Partners, and the $950 million US-focused Carlyle Realty Partners IV.
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