DWS forward-funds Parisian office property for Europe II fund
DWS has forward-funded a grade-A office property in the greater Paris department of Seine-Saint-Denis on behalf of its open-end core real estate fund, Europe II.
DWS’ Europe II fund launched in September 2017 and has received €600 million ($660 million) in equity commitments. Investors include pension funds, foundations and insurance companies.
The fund invests in core and core-plus assets across Europe with an overweight call in the residential and logistics sectors. The fund also seeks to build a diverse real estate portfolio by pursuing investments in emerging locations and major European cities.
This marks the fund’s fifth acquisition, bringing its gross asset value to an estimated €786 million ($865 million). DWS has more assets in the pipeline and expects to close on additional transactions by the end of the year.
Upon completion, the property, known as B-Square, will comprise 9,500 square meters (102,257 square feet) of office space. Develo