BentallGreenOak closes second Europe Secured Lending Fund at EUR869m
BentallGreenOak, a global real estate investment management adviser and provider of real estate services, has held the final close of the GreenOak Europe Secured Lending Fund II, with a total of EUR869 million in commitments from institutional investors around the globe, including Europe, Japan and Korea.
“That the fund has exceeded its target of EUR800 million demonstrates both the strong demand for this strategy and the confidence in the strength and capabilities of our European debt team,” says Jim Blakemore, Managing Partner and Head of Global Debt at BentallGreenOak. “Moreover, it underscores the value of our integrated real estate platform which benefits from equity and lending experience and enables us to source, underwrite, close and service loans, as well as asset manage direct real estate.”
This is the latest Fund in BentallGreenOak’s European lending strategy, which was launched in 2013. Over this period the team has raised in excess of USD3.7billion, deploying more than USD$3.1billion of capital across over 100 loans.
GreenOak Europe Secured Lending II will target strong returns whilst maintaining an overarching focus on capital preservation. In the current environment, BentallGreenOak’s European Debt team sees the best risk/return opportunities in providing debt to non-core and value-add assets which are often overlooked by traditional core lenders. The Fund will focus on opportunities in Germany, the Netherlands, the Nordics, and Ireland.
Manja Stueck, Chief Operating Officer of Debt and Head of Capital Markets Europe at BentallGreenOak, says: “The closure of our second European debt fund and deployment of already close to half of the capital is testament to the market’s need for specialist, flexible lending solutions. I believe that the BentallGreenOak European Debt team has established a reputation for being professional, dependable and creative, which is the reason why we continue to see sustained interest from new and existing investors.”
To date, the Fund has made eight investments with a total value of EUR382 million, in the form of loans in the Netherlands and Ireland secured against office, logistics, residential and mixed-use properties.