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AEW closes Euro office fund on €412.6m

The Paris-based real estate investment manager has passed the €350 million target for its Europe Value Investors Fund, which is understood already to be more than 80 percent invested. 

AEW Europe, the real estate investment manager, has finished capital raising for its Europe Value Investors Fund with a final total of €412.6 million. 

Europe Value Investors Fund, which was launched in early 2014, had an original fund raising target of €350 million. The strategy for the fund is to focus on core-plus and value-add office investments across Europe, but predominantly in the UK, France and Germany.

The fund is thought to be approximately 80 percent invested so far. Notable transactions for the vehicle include London’s St Clement’s House, 24-28 St Martin’s Lane and 65-68 Leadenhall Street (pictured). AEW Europe also acquired two assets in Germany and three in France on behalf of the fund.

The Paris-based firm held a first close for the fund in June 2014 after amassing approximately €101 million of capital commitments. Then in March 2015, AEW Europe reached a second close on the fund having raised around €235 million. By October last year, fundraising for the fund had reached in excess of €320 million.

AEW Europe was unavailable for comment.

The firm began marketing for its successor fund, Europe Value Investor Fund II at the end of 2015. AEW Europe is understood to be aiming to raise €500 million, however, unlike its predecessor, the pan-European value add vehicle will invest across all asset classes rather than just offices.

AEW Europe has €18 billion of real estate assets under management in Europe.