BC Partners‘ real estate arm has surged past its target for its European value-add fundraise to hit a roughly €900m final close.
The firm had been hoping to collect between €500m and €700m for BC Partners European Real Estate I, which will target undermanaged, well-located assets with significant re-positioning potential, as well as operating platforms with opportunities to drive greater scale.
BC launched its real estate business in 2018. Stéphane Theuriau, Partner and Head of BCP RE, said, “Our investment philosophy is based on the strong conviction that real estate markets across Europe are currently experiencing a paradigm shift.
“Demand from both tenants and investors is being fundamentally reshaped by new usages derived from the growing importance of sustainability and digitalisation, which is increasing the need for buildings that match new working and living concepts.
“This is where we are leveraging our experience to reposition existing properties and realise new development projects.”
BCPERE I has deployed about 40% of its capital so far across the UK, France, Germany, and Italy, in areas including post-Covid office assets, residential developments, digitally managed short-stay apartments, logistics and industrial parks, and value-add repositioning of mixed-use assets.
Raymond Svider, chairman of BC Partners, added, “This strong fundraising result comes shortly after the closing of BC Partners Credit Special Opportunities Fund II at $1.2bn, exceeding both the target size of $750m and the initial hard cap of $1bn, and further demonstrates the strength of the BC Partners platform and deep partnership with its strategic investors across asset classes.”
BC Partners reportedly hit the halfway point for its €8.5bn-targeting Fund XI raise last October following a record-breaking first close.
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