German asset manager Real I.S. has announced the closing of its BGV VII Europa real estate fund after raising around €600 mln of capital over the past 18 months.
A successor fund is already at the planning stage, Real I.S. said in a statement. The new fund will focus exclusively on the eurozone countries, concentrating on logistics and hotels, alongside the office and retail sectors.
The fund, with a core and core-plus risk profile, will focus on Germany and France, supplemented by the Benelux countries, Spain and Ireland.
'The closing of BGV VII Europa within such a short space of time is clear evidence of the huge interest of investors in fund products allocated on a pan-European basis,' said Jochen Schenk, member of Real I.S.’s Management Board. 'Investors generally appreciate a swift capital call, which we have succeeded in doing here.'
With leverage, the vehicle has a spending power of around €1 bn. It has already invested in eight properties of various usage types in several countries. Another four investments are currently being prepared, Schenk added.
Real I.S. currently manages around €4 bn of real estate on behalf of institutional investors.