Valor Real Estate Partners has picked up a second equity commitment from AIG Global Real Estate, PERE has learned.
The London-based firm was founded in July 2016 and made its first purchase in October of that year. A year later, Valor transferred its existing UK assets into Valor Industrial Partners 1, a fund-of-one with AIG Global Real Estate set up to capitalize £268 million ($392 million; €300 million) of value-added logistics properties.
Now, VIP1 is largely deployed, a source said. This week, the firm is launching VIP2, again with capital from AIG. Including Valor’s co-investment capital, VIP2 has £150 million of equity, which will be levered for £300 million of buying power.
“We are delighted to have launched our second vehicle with AIG Global Real Estate, and look forward to continuing to grow the partnership,” co-founder Christian Jamison said. “Our clear strategy and hard work has enabled us to capitalize on opportunities in the market and to deploy capital quickly.”
VIP1’s last major capital deployment was the recent purchase of three warehouses in Dartford, east London, totaling 135,000 square feet. The firm’s greater London portfolio is now valued at about £150 million.
The firm is also looking to continental Europe for opportunities. In November, Valor made its first acquisition in France on behalf of VIP1, buying three logistics assets around Paris in a deal valued at €35 million.
In March, Valor opened an office in Paris. Ahead of the expansion, the firm hired a vice president in asset management and three associates.
Valor was founded by Jamison, who previously founded Delin Capital Asset Management, and Jeffrey Kelter and Robert Savage, who founded KTR Capital, a North America-focused industrial real estate business that was acquired by Prologis in 2015 for $5.9 billion.
AIG managed $18.8 billion of real estate capital as of December 31, according to its website.
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