PGIM Real Estate raises €457m for European Value Partners Fund
PGIM Real Estate has raised €457 million ($517 million) in commitments from institutional and high-net-worth investors from around the world for its European Value Partners Fund.
EVP is the first in a series of closed-end discretionary real estate funds investing in value-add investment opportunities in continental Europe. Specifically, EVP invests in real estate in Germany, France, Spain and Italy, and seeks to enhance the value of investments through active tenant management, asset repositioning or specialized operational expertise.
The fund has started to invest its capital and sold its first asset in July: 41 rue Ybry, an office property in the Neuilly-sur-Seine office submarket of Paris. The 161,450-square-foot asset was acquired vacant in July 2015 in an off-market transaction, and then was fully pre-let to French cosmetics company Sephora (part of the LVMH group) as its global headquarters in December 2015.
Other assets for EVP, which is c