Benson Elliot has announced the final close of its pan-European fund Benson Elliot Real Estate Partners IV.
The UK-based private equity real estate fund manager said the fundraise was over-subscribed, exceeding an initial target of €600m (£500m).
Including more than €75m of co-investment earmarked for BEREP IV (of which circa €50m (£41.7m) has already been deployed), the total available equity for the fund will be above €700m (£583.4m).
Benson Elliot managing partner Marc Mogull said the fund manager continued to find value in European real estate and its investors expected it to exploit the opportunities presented by volatile markets while closely monitoring risk exposure.
He added: “I’m confident that, as long as we keep the right team on the pitch, maintain our investment discipline and stay true to the mission we’ve been tasked with, we’ll continue to thrive.”
The capital for BEREP IV has been raised from a global group of around 30 primarily institutional investors, including public and private pension funds, university endowments, sovereign wealth funds, insurance companies and family offices.
Approximately 50% of the capital raised came from US investors, with 40% from European investors and the balance from the Middle East and Asia. More than 60% of the capital was from investors who had invested in a prior fund.
In the UK, BEREP IV has acquired Vicarage Field Shopping Centre in Barking, the Meadows Shopping Centre in Chelmsford and Guildford Business Park. On the Continent, the fund has acquired prime hotels in Paris, Milan and other gateway cities, as well as several office and residential assets in Berlin and a shopping centre in Bologna.
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