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BentallGreenOak surpasses target with final close of third European Value-Add Fund, raising over €1.9 billion of commitments

BentallGreenOak surpasses target with final close of third European Value-Add Fund, raising over €1.9 billion of commitments
  • €1.468 billion in commitments from institutional investors to Europe Fund III, substantially exceeding initial target of €1 billion
  • €450 million in commitments to closed co-investments in Italy and the Nordics

London (20 April, 2021) — BentallGreenOak (BGO), a leading global real estate investment management advisor and provider of real estate services, has today announced the successful final close of its third European Value Add-Fund (the “Fund”), with a total of €1.468 billion in commitments. The Fund surpassed its initial target of €1 billion by over 45%.

More than 50% of the Fund’s capital has already been deployed through 27 investments made across the UK, Germany, France, Italy, Spain, the Netherlands, Norway and Denmark.

“We are thrilled to see such support for our latest European Value-Add fund”, said Toby Phelps, Managing Partner and Head of European Equity at BentallGreenOak. “We have teams located on-the-ground in all key European markets with an extensive track record in acquiring, developing and managing assets. Their expertise and solution-oriented approach makes BGO a preferred counterparty in those markets. Our team’s professionalism, focus and commitment is the reason for our successful track-record and sustained interest from new and existing investors.”

This is the third fund in BentallGreenOak’s European Value-Add strategy, which has invested over €2 billion since 2014. Fund II, which closed in 2019, has already returned 80% of its capital to LPs.

The Fund will be largely focused on sectors that are benefitting from structural growth in demand, specifically logistics, including cold storage and urban logistics, life sciences and data centres, as well as those that are experiencing cyclical challenges that are impacting values. The team will seek to apply its deep asset management expertise to transform under-valued or under-managed assets in well-established locations into core quality investments with high stabilised yield on all-in cost.

Francesco Ostuni, Managing Partner and European Equity CIO at BentallGreenOak, added: “Since our first fund in 2014, we have been laser focused on delivering attractive risk-adjusted returns to our investors whilst utilising prudent levels of leverage in the 50-60% range. We have built up significant expertise across all major asset types but specifically logistics which forms 70-80% of our investing activity today. This outstanding outcome is the result of our European team’s ability to consistently deliver on our strategy and realise performance for our investors. We look forward to continuing our strong track record with this Fund.”

John Carrafiell, Senior Managing Partner at BentallGreenOak concluded: “We have made a significant commitment to growing our presence in Europe over the last decade, enhancing and expanding our team’s operating capabilities to complement our asset management and investing platform. The team’s operating capabilities are underscored by having leased over 14 million square feet in the past 3 years, and having developed or currently having under construction over 25 million square feet across 7 countries within the same period. Since inception, we have built internal operating capabilities, particularly in all types of logistics, controlling asset risk, leasing and tenant relationships rather than operating as a capital allocator.”

“The support we have received from both existing and new investors has been outstanding. We had 86% of our existing investors continue to partner with us in this new fund and were able to accommodate new investors at the same time. In total we have 37 institutional investors from across the globe, including the US, Canada, the Middle East, Europe, Japan and South Korea, bringing together a diversified and strong investor base.” said Julie Wong, Managing Partner and Global Head of Capital Raising at BentallGreenOak.

About BentallGreenOak

BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $55 billion USD of assets under management (as of April 1, 2021) and expertise in the asset management of office, logistics, multi-residential, retail and hotel property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.

In Europe, BentallGreenOak is a leading investment manager with over 50 professionals and $5.2 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. The firm has acquired or developed over 150 logistics assets comprising 5.1 million square meters (55 million square feet) since 2015. BentallGreenOak’s investment vehicles have assembled a large and diversified land bank across Europe, currently owning or controlling over 1,000 acres of land (capable of building over 23 million square feet of space) zoned for Logistics, Data Centers and Cold Storage.

BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.

The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.

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