Amundi, the European asset manager, is a quarter of the way towards its €600 mln target for Amundi Commercial Real Estate Loans II (ACREL II), the second vintage of its senior European real estate lending fund.
So far, the company has raised €150 mln for the follow up to ACREL I, which raised €443 million from leading European institutional investors and built a diversified, portfolio.
For the new vehicle, Amundo is investing in major economies of the euro zone, with a focus on sectors that have ‘demonstrated resilience in a volatile and uncertain environment’, such as premium office space, logistics and managed residential properties.
It will lend primarily to property-backed debt with Core or Core+* quality risk profiles, with what it described as a ‘carefully managed Value Add*component’ as an additional performance lever.
It is classified as an Article 8 Fund under SFD and is targeting a net IRR in excess of 5%.
Amundi’s Real Estate Private Debt platform that was created in 2018, has so far raised more than €2.2 bn of equity commitments through six investor mandates, and has made €2 bn of investments via 50 deals.
Bertrand Carrez, head of credit real estate debt, said the new fund aimed to give investors ‘high relative value’.