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Sign in Sign up for a FREE subscriptionACOFI launches fifth real estate debt fund, holds €60m first close
ACOFI Gestion, a French-based fund manager, has launched its fifth property debt fund, LF Prédirec Immo 5 fund, according to a press release. The fund held a €60 million ($72 million) initial close.
The new fund seeks to raise €600 million ($717 million) in total equity commitments by July 2018. Investors’ commitments will be collected on a “run-of-the-river” basis from September 2017, according to the report.
This portfolio of loans will be backed up in the same way as the previous ones to different types of real estate assets in France (for a minimum of 50 percent) and on the major liquid European markets, mainly offices, commerce or hospitality. For this fund, ACOFI sets up management and risk of valuation of the underlying assets and limits the debt-to-value ratio (LTV) to 65 percent.
The initial €60 million ($72 million) close has enabled the firm to continue the operations already initiated in the previous fund, LF Prédirec Immo 4. The assets
