DRC Savills Investment Management has held the final close of its fourth high-yield European debt fund, hitting its target of €600m (£500m).
European Real Estate Debt IV includes commitments from 16 institutional investors from the US, the Middle East, Asia and Europe. More than 50% of the available capital is already invested, with the firm eyeing the UK, the Netherlands, Germany, France, Spain and Italy for future deals.
The fund has a gross IRR range of 10-12% and is targeting a debt deal across a variety of core asset classes, including industrial, logistics, residential, student accommodation, offices, food retail and hotels.
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