London-based Curzon Global Partners, an affiliate of AEW Europe, has closed its €800 million ($516 million) vehicle, European Property Investors Special Opportunities LP. The vehicle will target investment opportunities owing to the “current dislocation in European real estate markets, economies and global capital markets.”
PERE exclusively revealed last week that the fund manager had topped €640 million in commitments for the vehicle. Today the firm said the fund had had its final close on €800 million. “Demand was so great that we didn’t have to and couldn’t have marketed this to anyone other than (existing) clients and friends,” Ric Lewis, chief executive officer, told PERE at the time. Investors in the fund include German, Dutch and Nordic institutional investors as well as US pension funds.
The vehicle will target investments including broken IPOs; resource-constrained owners, operators or fund sponsors of real estate assets; distressed property assets and situations; and value-add property. “Companies, hedge funds, governments and private investors are sitting on a vast array of real estate waiting to be divested from their balance sheets,” Lewis said in a statement today.
The fund is a follow on to EPI LP which raised €769 million in 2004.