Weinberg Capital Partners (WCP) has completed a first close of its value-added real estate fund, WREP#3 with €110 million ($123 million) in capital raised from a mix of French and international institutional investors.
The fund is aiming for a final close at €250 million ($278 million).
WREP#3 fund’s investment strategy focuses on the repositioning and development of office, retail and business buildings, mainly in Paris and the Ile de France region, with deal sizes ranging from €25 million ($28 million) to €100 million ($110 million).
WREP#3 recently completed its first acquisition, a flagship building located in the 9th arrondissement of Paris. Another acquisition is expected to be announced by the end of the year.
“This first close demonstrates our investors’ confidence in our ability to source, despite a competitive environment,” said Jean-Philippe Olgiati, partner and managing director in charge of real estate. “The deal in the 9th
