AEW Europe/Curzon has announced the third closing of its Central European fund, the PBW II Real Estate Fund at €370 million. PBW II is the follow-on fund to the successful value-added central European closed-end PBW I Real Estate Fund with an existing portfolio of approximately 200,000 m² of assets in Budapest, Warsaw and Prague.
Commenting on the closing, Artur Mokrzycki, Managing Director Central Europe at AEW Europe, said, "We have been successful in sourcing transactions as a result of being present in these markets for over a decade. Galeria Pestka was the first acquisition of this Fund and we are actively discussing further investments in the retail and office sectors in Poland, Hungary, the Czech Republic and Romania."
Jean Lavieille, Head of Funds Paris, commented on the investor appetite, "We are pleased to welcome additional partners who represent old friends and new investors. This Fund has received such positive response, I expect, because we have been very active in Central Europe for so long and have solid relationships there which are paying off for our clients."
The final closing for PBW II will take place in September to allow for the completion of additional commitments of approximately €30 million.