Revetas Capital Advisors, a London-based firm with backing from former senior Lehman Brothers professionals, has held a first closing for its first property fund.
The Revetas Capital Recovery Fund I focusses on over-leveraged, distressed and under-performing property opportunities in central and Eastern Europe – a region that few others private equity real estate firms are currently looking at.
Though the firm did not reveal the amount raised, is thought to have raised around €100 million of equity towards a €300 million target.
Along with capital raising, the company has made three investments so far for the fund: Two in Hungary consisting of portfolios comprising 12 shopping malls and one in Poland where it has bought a mixed-use office building in Krakow. The acquisitions involved a restructuring of existing debt held by four international banks active in the region.
Revetas counts private equity investor, JRJ Group, among its investors. JRJ also is providing Revetas with back office support which is expected to help accelerate the growth of Revetas.
Managing director, Eric Assimakopoulos, said: “These are very significant steps for Revetas. We are well on our way towards achieving our first fund's target, we have acquired some very attractive initial properties, and we have attracted a blue-chip new strategic partner. These moves validate our decision to launch a specialist firm capable of taking advantage of the substantial pool of over-leveraged and underperforming real estate assets in the CEE region.”
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