Deals

Société Générale holds first close on French vehicle

The Paris-based bank has reached the half way point in raising a equity for income producing buildings, investments in forward-funded schemes and opportunistic deals.

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Société Générale Asset Management’s alternative investment division has raised €127 million ($186 million) of equity for a French property fund.

The bank says it aims to raise €250-300 million in total for the vehicle in 2008.

The Luxembourg-registered registered fund is investing in three categories: income producing buildings, investments in forward-funded projects, and opportunistic deals.

The €125 million of equity gives the vehicle an investment capacity of €450 million with debt. According to the bank, half of that sum is already committed.