European investment manager Peakside Capital Advisors has raised €415 million for its Peakside Real Estate Fund IV (PREF IV), exceeding the initial hard cap of €350 million by almost 20 percent.
With a target debt ratio of around 60 percent, PREF IV will invest in real estate worth over €1.2 billion, said Peakside.
”The focus lies on German properties which are affected by pricing dislocations, “stranded” in sales processes, have additional (re-)financing needs and on assets with value-add or conversion potential. That means the entire spectrum of asset classes is under consideration. Ticket size ranges between €30m and €200m. One acquisition for the fund has already been signed. Closing of the transaction is planned at the beginning of 2022.”
Boris Schran, Managing Partner of Peakside, says: “Thanks to the strong team around Simon Lutz, the deal pipeline is well filled, and the fund already has several assets under exclusivity. We are close to the market and occupiers and thus especially looking at investment opportunities in logistics and residential. But we are also seeing several inroads into retail and hotel opportunities we can recommend to the fund, with a particular interest in assets that can be converted into office or residential use. We are confident that the fund will be closing further transactions within the first half of 2022.”
Stefan Aumann, Managing Partner at Peakside, says: “After its first closing in February last year, PREF IV was fully placed with investors within only eleven months – and that despite the COVID-19 pandemic. The speed with which that happened was indeed faster than we anticipated. Interest was enormous.”
Frank Schäfer, Managing Director and Head of Business Development at Peakside, adds: “Apart from the commitments of almost all our existing clients, we are proud to have attracted a large number of new investors for the fund. This is a testament to the excellent performance of the predecessor funds as well as the market penetration we have reached as Peakside at this stage.”