PATRIZIA AG has raised a further €384 million ($424 million) of equity commitments for its flagship discretionary value-add fund, TransEuropean VII LP (TEP VII), which, combined with the €250 million ($276 million) previously announced, brings the total raised to date to €634 million ($699 million).
Backed by investors from the United Kingdom, the Middle East, Europe, the United States and Asia, the fund is the largest in the PATRIZIA TransEuropean series. Originally targeting a €500 million ($552 million) equity raise with a hard cap of €750 million ($827 million), fund raising is expected to continue through the first quarter of 2020, until a planned final close in early April.
TEP VII will pursue a cashflow-driven, value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the United Kingdom, adopting a more “operator” style approach. With a target firepower of €1.5 billion ($1.7 billion), just ov
