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Fundraising round-up: Investors target core markets
Fundraising activity in September focused on the United Kingdom and Germany. Cordea Savills announced the launch of, and a first close for, its second London residential development fund, which aims to raise between £100 million and £150 million (€128 million and €192 million) in equity commitments. Prime London Residential Development Fund II raised £33 million (€42.3 million) from a major bank based in Singapore. The fund will hold a number of closings during the next six to nine months.
Similar to its predecessor, Prime London Residential Development Fund II allows investors to share in development profits by investing alongside developers in off-market transactions.
“Only around 22,000 new homes were completed in London last year, well below the target of 42,000 required to meet demand, with the most acute supply shortage in the mainstream market,” comments Patrick Carr, the fund director, in a statement. “The development opportunities offered by Lon