The company behind one of Europe’s largest real estate funds in the market has extended the fundraising period due to the effects of Covid-19.
Invesco Real Estate, which has a total global portfolio of $79.8 bn (€68.2 bn), says it has extended the fundraising period for the Invesco European Value Add Fund II (EVAF II) to provide its potential investors more time for their due diligence on the opportunity as ‘decision-making and approvals at many of these firms has slowed down during the pandemic.’
Invesco announced in June this year it had held a third close on €550 mln from 18 European, UK and US investors. Invesco said 90% of investors from the predecessor fund had committed to EVAF II as it worked towards a target of €750 mln.
In the full statement to PropertyEU, Invesco said, ‘Due to the current environment, Invesco Real Estate confirms that it has extended the fundraising period for the EVAFII Fund. This is to provide our potential investors more time for their due diligence on the opportunity as decision making and approvals at many of these firms has slowed down during the pandemic.'
'We look forward to formally closing the fund in Q1 2021.’
The company operates eight European offices, employs 171 people, and manages 171 in 15 countries with AUM of $14.6 bn.
