Clearbell Capital has raised £310 mln (€354 mln) of equity at the final close of its third value add fund, Clearbell Property Partners III (CPP III), the private equity real estate fund manager announced on Friday.
Clearbell said it has secured commitments from 14 investors from the US, Australia, Europe, the Middle East and South America. The bulk (83%) of commitments were received from Clearbell’s existing investors, while 17% came from new investors, including pension funds, not-for-profit organisations and high net worths.
The fund has already committed £111 mln in four UK opportunities across office, logistics and leisure. They include Cara, a £100 mln portfolio comprising 20 industrial and logistics assets; the Taurus logistics portfolio; the 78,000 sq ft Edmund House in Birmingham’s central business district and a 75,000 sq ft private members’ club in the heart of Chelsea, London.
'We are extremely pleased to announce the completion of the fundraise,' said Manish Chande, senior partner at Clearbell Capital. 'Though the Brexit vote has undeniably given overseas investors temporary cold feet towards UK value add real estate strategies, we’ve been able to draw on our strong track record and in-depth knowledge of the UK market to attract investment in this fund. The headwinds have been very strong, but we have navigated these to achieve a successful raise.'
The new fund brings Clearbell’s total managed assets to £2.2 bn including its advisory mandates.
Clearbell Capital is an independently-owned private equity real estate fund management and advisory business specialising in UK property investment, development and asset management. The firm is led by the five partners: Manish Chande, Rob West, Sally Doyle-Linden, Nick Berry and Rob Mills.