GreenOak readies plans for new €1b European fund

Real estate private equity firm GreenOak is understood to be talking to investors regarding the launch of a new European fund focused on the logistics, office and residential sectors.

GreenOak, founded in 2010 by a trio of Morgan Stanley veterans, is said to be targeting €1 bn of equity for the new fund, which will be formally launched at the beginning of 2019.

Earlier this year GreekOak held a final close of its second European Fund, GreenOak Europe Fund II, totalling €656 mln of equity commitments and exceeding its target of €500 mln.

The Euro-denominated vehicle is fully discretionary and has the ability to acquire up to €2.6 bn of assets in western European countries including Spain, Italy, France, Holland, the UK, Germany, Portugal and Ireland.

The firm’s second European fund is now about 70% invested and will likely be fully committed by the second quarter of 2019, two years after it began deploying capital. The fund recently completed a deal to buy 22 warehouses in France and Spain spanning about 1.8 million m2.

A representative for GreenOak declined to comment.

GreenOak’s Europe Fund I raised equity of €321 mln. The fund invested during a 15-month period closing 21 separate transactions, acquiring 622,000 m2 of logistics, retail, office and residential assets in Spain and Italy representing €580 mln in aggregate purchase price.

GreenOak Real Estate is an independent, partner-owned, real estate-focused investing and lending firm with offices in London, Madrid, Milan, Luxembourg, New York, Los Angeles, Tokyo and Seoul.


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