France opportunity fund attracts nearly €200m

Weinberg Capital Partners, the Paris-based firm, has beaten its fundraising target by 30 percent and has struck its first deal.

Weinberg Capital Partners, the Paris-based firm, has topped nearly €200 million of commitments for a value-add and opportunity fund that was launched last year amid “structural recession” in France.
The firm has held a final close for Weinberg Real Estate Partners (WREP2), some 30 percent above its original target having begun its marketing in July last year. The final close comes 10 months since a first close on €80 million in August. Around half of the investor commitments have come from international, institutional investors in an effort aided by placement agent, Evidence Capital.

This is the second fund raised by Weinberg Capital Partners – not to be confused with Perella Weinberg Partners, the New York based firm. WREP1, which has a 2008 vintage, had the same strategy as Fund II. The firm focuses on “complex off-market transactions” sourced from “end-users” such as companies that face economic challenges, private owners and projects in partnership with developers. The remit includes assets with redevelopment or other asset management potential.

The first investment for Fund II was agreed in April this year and is a 20,000 square foot compound of three distinct office buildings, called Campus Aviso, located in Puteaux in the La Défense area of Paris. The transaction was completed via the purchase of the shares in an OPCI-regulated vehicle.

Laurent Halimi, managing partner and head of real estate at Weinberg Capital Partners said: “WREP1’s strong performance has demonstrated our ability to create value. We look forward to building upon the real estate franchise set up seven years ago.”

Serge Weinberg, founder and president of Weinberg Capital Partners, who is the former chief executive of luxury goods group, PPR, now called Kering, added: “We have received strong support from leading French investors that backed us from the very beginning of WREP1 joined by new French and non-French institutional investors. With two new funds, Weinberg Capital Partners has built a solid platform in real estate and buyout.”