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Sign in Sign up for a FREE subscriptionPATRIZIA completes €250m second close of seventh TransEuropean fund
PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has held a €250 million ($282 million) second close of its seventh TransEuropean fund, TEP VII.
The equity has been secured from a diverse group of institutional clients in the United Kingdom, the United States, Asia and Finland, with more than 30 percent of commitments coming from clients who are new to the TransEuropean series.
A further €200 million ($226 million) in equity is presently in due diligence with the fund targeting €500 million ($565 million), ultimately providing €1.2 billion ($1.35 billion) of firepower with leverage.
In line with its predecessors, TEP VII will pursue a cash-flow driven, value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the United Kingdom. It favors an “operator style” approach. Since the launch of TEP VII and its first close of €100 million ($113 million) in April 2018, fiv
