PGIM Real Estate has raised $1.1 billion in a final close of its European Value-Add Fund II (EVP II), including sidecar investments.
By focusing on structural trends, the fund series seeks to enhance the value of investments through active tenant management, asset repositioning or specialized operational expertise.
The first fund in the series, EVP I, launched in 2015 and has strategically deployed capital in office, residential and logistics assets in Germany and France.
EVP II, which is expected to be 70 percent deployed by the end of the year, has a strong seed portfolio, consisting of 65 percent last-mile logistics and 25 percent living assets across Europe’s major markets. The logistics portfolio includes developments in Paris and Berlin, and most recently a commitment to a joint venture in Spain, specifically dedicated to last-mile logistics. The team also has plans to deploy capital in the U.K. logistics sector, through a joint venture opportunity with
