PATRIZIAs TEP VII in final capital raising stage with EUR 634 million closed
TEP VII is the seventh fund in the highly successful TransEuropean series
- EUR 550 million already committed into key European cities with strong pipeline
- Fund pursuing cash-flow driven, value-add strategy across office, industrial and residential sectors
Augsburg/London 30 January 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces a further EUR 384 million of equity commitments for its flagship discretionary value add fund, TransEuropean VII LP (“TEP VII” or the Fund”), which, combined with the EUR 250 million previously announced, brings the total raised to date to EUR 634 million.
Backed by investors from the UK, the Middle East, Europe, the US and Asia, the Fund is the largest in the PATRIZIA TransEuropean series. Originally targeting a EUR 500 million equity raise with a hard cap of EUR 750 million, fund raising is expected to continue through the first quarter of 2020, until a planned final close in early April.
TEP VII will pursue a cash-flow driven, value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the UK, adopting a more ‘operator’ style approach. With a target firepower of EUR 1.5 billion, just over EUR 550 million has already been committed in 11 separate transactions across key European cities including Madrid, Paris, Barcelona, London and Berlin.
Paul Hampton, Fund Director of the TransEuropean series at PATRIZIA said: "Needless to say, we are extremely grateful to our investors for their ongoing support and confidence in us. This is an exciting time for TEP VII and as we move into the final phase of the equity raise, we are looking forward to progressing the assembly of the portfolio as our teams across Europe continue to unlock compelling opportunities.”
The TransEuropean series of funds was first launched in 1992 and has invested in 13 European countries since that time, generating a 12.6% pa IRR.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 42 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
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