HDG Mansur eyes $500m fundraising return

The international property investment group is looking to enter the market this summer with an international property fund targeting between $300m and $500m of equity from third party investors.

HDG Mansur, the international real estate investment firm, is planning a return to the fundraising trail for the first time in three years with a vehicle targeting $300 million to $500 million of equity from third party investors, PERE has learned. 

The global company, which has $2.6 billion of investments under management and offices in London, New York, Indianapolis, and Dubai, plans to begin fundraising this summer for the vehicle primed to invest in both US and European real estate.

HDG Mansur has been a sponsor of international real estate vehicles since 1996, but its last major fund push came in 2008  when it had designs on two vehicles. One was the HDG International Property Fund, a  US and Europe-focused vehicle for which it targeted more than $200 million, while the other was for a US opportunity fund.

However, chairman and chief executive, Harold Garrison, said the firm had moved on since then. “We consider the outlook to be more optimistic for those companies with liquidity that have managed themselves prudently over this difficult period and who are now in a position to take advantage of the opportunities that are emerging within a variety of markets,” he said. 

Since 1996, HDG Mansur has managed six international real estate funds, and since 2002 has concentrated on the HSBC Amanah Global Properties Income Fund, an open-ended Shari'ah-compliant fund vehicle that has completed acquisitions today valued at $2.4 billion. As well as a fund management business, the company also has asset management and property development divisions. Garrison said the firm would progress ambitions to further diversify the business.

The news of a fund launch and further diversification comes a day after the company updated the market with progress on lettings in mainland Europe. Belkin BV, a US supplier of accessories for computers and telecoms, has agreed to lease space at an asset at Schiphol Rijk, close to Amsterdam’s international airport, while Navteq, a digital maps and traffic information systems provider, has agreeing to lease space in Utrecht, also in the Netherlands.

In other recent developments, the firm has hired Michael Baker as senior managing director and head of development in the UK and Europe responsible for overseeing the company's existing and new developments. He joined from Grosvenor Group, the London-based private property company, and is helping HDG Mansur to identify new projects and form joint venture opportunities in the UK and throughout Europe.