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EXCLUSIVE: Bluehouse holds €50m first close for CEE fund

The Athens-based private equity real estate investment management firm is targeting approximately €200 million to invest in Central and Eastern Europe.

Bluehouse Capital, the Athens-based private equity real estate investment management firm, has raised €50 million for its latest fund targeting the Central and Eastern European property markets, PERE has learned.

The firm is targeting around €200 million for Bluehouse Property Fund IV which will have a similar strategy to the firm's prior funds which invested in residential, office and retail sectors across eight countries within the Central and Eastern European region.
Lazard is acting as the placement agent for Bluehouse on this fundraise.

Outside of fundraising for its fourth fund, Bluehouse exited one of its Bulgarian assets, the 1BPS office building in Sofia, to the Bulgarian Real Estate Fund, a REIT listed on the Bulgarian Stock Exchange. Bluehouse acquired the office property back in 2005.

Last February, Bluehouse completed the acquisition of the Euromarket office building in Kraków, Poland. Euromarket, located at Jasnogorska Street in Kraków, is a five-story building offering approximately 114,097 square feet of modern office space and over 17, 222 square feet of retail space.

Founded in 2004, Bluehouse manages capital across four funds, investing on behalf of an institutional investor base, including financial institutions, pension funds, endowments, multimanager funds and family offices.

Bluehouse was unable to respond to a request for comment by press time.