PATRIZIA has completed a final close of its flagship discretionary value-add fund, TransEuropean VII (TEP VII), at its equity hard cap of €750 million ($843 million).
PATRIZIA said the fund was backed by both existing and new institutional investors from the United Kingdom, Europe, the United States, the Middle East and Asia. The latest round of fundraising was oversubscribed and brought in an additional €116 million ($130 million) of new equity commitments, following the previous close announced at the end of January.
TEP VII’s strategy is to pursue cashflow-driven value-add assets in the office, logistics, residential and retail sectors in continental Europe and the United Kingdom. PATRIZIA said the fund has more than €1 billion ($1.1 billion) of dry powder to deploy over the next three years.
“Clearly our primary aim is now to deploy this equity strategically — and to that end, we feel optimistic that current market conditions should play to our s
