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Valad European Diversified Fund doubles-up to EUR1bn and expands into France

Mon, 28/07/2014 - 14:40

Valad Europe has doubled the total fund capacity of its Valad European Diversified Fund (VEDF) to EUR1 billion by securing a further EUR190 million of new equity from existing investors.

During the initial investment phase, the fund has so far invested circa EUR234 million of capital in a diversified portfolio of 14 assets, with a further EUR229 million under offer or exchanged, across the UK and Germany, where it will continue to invest in Core Plus / Value Add assets.
 
The fund will now also allocate up to EUR250 million of capital to investments in France, where Valad has a local platform.
 
David Kirkby, chief investment officer of Valad Europe, says: “We had a first close of VEDF last December, having secured EUR180 million of equity commitments in response to strong demand from select international investors looking for attractive opportunities in European real estate. Having acquired or contracted in excess of EUR450 million over the past eight months, securing these additional equity commitments from the Fund’s investors will enable VEDF to continue pursuing its investment strategy and further expand it geographically into France.
 
“We believe France will provide additional attractive opportunities to enhance the Fund and we have a strong team on the ground seeking good quality investments, with an offer already accepted on our first acquisition. At the same time, the UK and Germany continue to provide attractive investment opportunities.”
 
The Valad European Diversified Fund employs leverage between 50 and 65 per cent and targets individual lot sizes between EUR5 million and EUR50 million across the office, retail and industrial distribution warehouse/smaller logistics sectors, targeting strong credit tenants and good quality buildings. The fund is prepared to take leasing and repositioning risk.


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