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AEW Europe raises €101m in first closing for real estate fund

25 Jun 2014

eurosPrivate equity real estate firm AEW Europe has held a €101m first close for its Europe Value Investors fund.

Commitments from six investors helped AEW reach one seventh of its €700m target according to the firm, which said it hopes to hold further closings later this year.

AEW added it intends to make money from its portfolio by focusing on office buildings mainly in Germany, France and the UK.

Current market pricing is providing the opportunity to buy these assets at discounted values, according to AEW.

Head of PE funds Russell Jewell said, “The fund will benefit from the capabilities of our European platform of local and experienced teams specialising in value add investments.”

Carsten Czarnetzki, fund manager for Europe Value Investors said: “The fund’s strategy is to take advantage of the strong demand for stabilised core assets, targeting the most liquid European markets.

“We will invest in office assets that can be managed or repositioned to core to take advantage of this demand.”

AEW Europe has nine offices throughout Europe and 270 employees who are responsible for €18bn of AUM.

European real estate is a hot topic at the moment, with global real estate firm CBRE Global Multi Manager this week announcing it has partnered with Palmer Capital to take advantage of its UK retail property experience.

Last week AltAssets reported that Middle Eastern investors are expected to invest $145bn in European real estate over the next decade.

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