BlackRock has reached a €774m (£664m) first close for its Europe Property Fund VI, a value-add fund targeting countries including the UK, France, Germany, the Nordics and Spain.
The fund will invest in assets whose resilience is backed by “mega-forces” such as demographic shifts, digital disruption, low-carbon shifts and the transition to a net-zero built environment. Likely investments include those in student accommodation, residential, logistics and data centres.
The team behind the fund noted that European real estate markets have repriced more swiftly than other regions, giving the fund an “attractive entry point”. The fund has so far committed €289m to two logistics assets in Sweden and multi-family assets and student housing in the UK.
Anne Valentine Andrews, global head of real estate and infrastructure at BlackRock, said: “Despite continued market uncertainty, the window of opportunity is opening for real estate investors. This requires getting granular within asset classes and harnessing the structural mega-forces driving future demand and requirements for real estate.”
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