Standard Life Investments (SLI), the asset management arm of insurer Standard Life, has held a second close on its third Europe-focused real estate investment vehicle after garnering €237 million in capital commitments.
The seven-year, closed-ended fund Standard Life Investments European Real Estate Club III, also known as Euro Club III, has an overall target of €300 million. Including debt, the firm said its investment power for the fund could be increased up to €600 million.
The fund’s primary target is commercial property in core European markets such as France, Germany, the Netherlands, Denmark and Sweden.
The two predecessors to Euro Club III, Euro Club I and Euro Club II, attracted €308 million and €393 million respectively. The first fund was launched in 2014 the second in 2015. Both funds exceeded their fundraising targets and are now fully committed.
The firm said it had already deployed around €1.75 billion of the aggregate capital raised through the three clubsto date.
Daniel McHugh, head of continental European real estate at SLI and manager of all three Euro Club funds, said that many of the predecessor funds’ investors have repeated equity commitments to the latest vehicle.
“We developed Euro Club I, Euro Club II and Euro Club III in direct response to international investor appetite for access to high quality assets with the potential for value-add enhancement and superior returns. The investment thesis has proven very compelling and many of our investors have committed capital to at least two of the three clubs,” said McHugh.
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