Patrizia has announced a further €384m of equity commitments for its flagship discretionary value add fund, TransEuropean VII LP (TEP VII), which, combined with the €250m previously announced, brings the total raised to date to €634m. 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 €500m equity raise with a hard cap of EUR 750 million, fundraising 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 €1.5bn, just over €550m 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.”
