Two fund launches; three final closes
1 This month two opportunistic funds were launched, totalling €1.4 billion in fundraising targets. The largest is the €750 million Niam Nordic VI, managed by Niam AB. Niam has the largest opportunistic real estate investment platform in the Nordic region and is among the most active in Europe. Niam Nordic Fund V and Niam Nordic Fund IV closed with €719 million and €670 million, respectively. The second new opportunistic fund is the €600 million Harbert European Real Estate Fund IV, managed by Harbert Management Corp. Like its predecessors, the fund will invest in CBD office, industrial, retail, suburban office and unconstrained assets in western and central Europe. The targeted properties typically need renovation or repositioning. With leverage, the new fund could have some €1.5 billion of buying power. Harbert European Real Estate Fund III held its final close in 2012 with €254.5 million. Three final closes were announced this month.