Valad Property Group has raised €96 million ($150.8 million) of equity with a first close on its $A822 million (€500 million, $799 million) French industrial property fund, Parc d’Activities.
The money was raised from nine institutional investors, the firm said. The fund is planning to invest in mainly multi-let industrial estate in the Greater Paris area, and is targeting a 12 percent annual rate of return over a 10 year lifespan. The firm has also raised €100 million of debt for the fund.
So far the fund has acquired four industrial parks in Ile-de-France for €102 million, which will seed the fund. The properties came from Valad Continental Partners, Valad's joint venture warehouse facility with HBOS.