GE Capital Real Estate, the property financial services arm of US conglomerate GE, has secured EUR 400 mln from third-party investors for a new European office vehicle.
GE Capital Real Estate, the property financial services arm of US conglomerate GE, has secured EUR 400 mln from third-party investors for a new European office vehicle.
With leverage, the new 'Gateway' fund has a total war chest of EUR 1 bn to spend in core-plus and value-add office assets. The investment period runs for two years, with the option of a one-year extension.
The fund will focus on Greater London, Greater Paris and Berlin, Frankfurt, Hamburg and Munich.
'Gateway is another milestone for our investment management business and is a testament to our depth of experience and track record in the European commercial property market,' said Jonathan Kern, president of GE Capital Real Estate Global Investment Management.
Thierry Leleu, general manager EMEA, GE Capital Real Estate Global Investment Management, added: 'We are now sourcing suitable investment opportunities that fit the strategy of the new vehicle. Our French, German and UK teams are currently working towards identifying prospective investment possibilities and have been doing so for the past few months.'
GE Capital Real Estate has EUR 50 bn in assets. The company has recently launched plans to reduce its exposure to directly-owned real estate and boost fund management services for third parties in the US, Asia and in Europe. More information appears in PropertyEU Magazine. Click on the link below to subscribe
