OCTOBER 7, 2013

Valad Europe holds €180 million first close

by Andrea Waitrovich

Valad Europe has held a €180 million ($244 million) first close for its Valad European Diversified Fund, which will invest in core-plus and value-added assets in the United Kingdom and Germany. The vehicle has a €450 million ($610million) equity target.

Valad European Diversified Fund targets high-quality, well-located assets in the office, retail and logistics sectors, targeting strong credit tenants with non-institutional remaining lease term, with individual lot sizes of between €6 million and €24 million ($8 million and $32 million). The fund will also invest in small to medium-sized portfolios. Also, it will employ between 50 percent to 65 percent leverage with strong cash-on-cash yields.

Valad European Diversified Fund has started to invest its capital. It purchased a retail warehouse in Aintree, England. The property is leased to Wikes, a U.K.-based home improvement and building trade supplier.

Valad Europe manages €4 billion ($5.4 billion) of assets across Europe, across 20 funds and mandates, comprising 550 assets and 4,700 tenants, managed by local teams totaling 235 people in 21 offices and 12 European countries.

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