Angelo Gordon launches European property fund
Angelo, Gordon & Co. has launched a value-added European real estate fund. AG Europe Realty Fund aims to raise between $300 million and $500 million in equity commitments. A final close date was not disclosed. The fund will invest across property types in Western Europe, particularly in Belgium, France, Luxembourg, the Netherlands and the United Kingdom. Angelo Gordon began investing in commercial real estate in 1993 and has acquired more than $13 billion of properties. The firm focuses on a value-added approach through the acquisition of subperforming real estate properties across a broad range of geographical markets and product types. These assets are often attractively priced due to the lack of operating income, complexity of analysis and inefficiency of the sales process.