Sydney-based Valad Property Group has raised EUR 196mln in its first closing for its new EUR 500mln industrial fund in France, known as Parc d'Activités. Twelve international institutional investors have committed EUR 96mln, including EUR 5mln from Valad Property Group. In addition, Landesbanken Hessen-Thuringen-Girozentrale (Heleba) is providing a first tranche five-year debt facility of EUR 100mln. As such, the fund's gearing is not expected to exceed 65% loan-to-value.
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