BentallGreenOak has raised €869million for its latest European lending fund, GreenOak Europe Secured Lending Fund II, exceeding the fund’s target €800 million.
“That the fund has exceeded its target of €800m demonstrates both the strong demand for this strategy and the confidence in the strength and capabilities of our European debt team”, said 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,” he added.
The latets fund was launched in 2013. Over this period BentallGreenOak has raised in excess of USD$3.7billion, 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.
“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,” said Manja Stueck, Chief Operating Officer of Debt and Head of Capital Markets Europe at BentallGreenOak.
To date, the fund has made 8 investments with a total value of €382million, in the form of loans in the Netherlands and Ireland secured against office, logistics, residential and mixed-use properties.