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GreenOak to prepare new $1.1 billion real estate fund

GreenOak to prepare new $1.1 billion real estate fund

The company has started talking to investors about a plan to raise the amount to invest in European properties like warehouses, offices and homes

The principally New York and London based real estate private equity firm will formally start raising money for its third fund in the first quarter of 2019—less than a year after wrapping up the fundraising for a $746mn pool called GreenOak Europe II LP, stated people close to the merger, who refused to be identified.

The latest fund will have a similar focus to its predecessor, which has invested in real estate in Western Europe. The speed of the follow-on fund reflects the firm’s preference for raising smaller pools of capital and investing them fairly quickly, particularly because many markets in its area of focus are mature, said one of the people.

Founded in 2010 by a trio of Morgan Stanley veterans, GreenOak runs both equity and debt funds in the US, Europe and Asia. The firm’s second European fund is now about 70% invested and will likely be fully committed by 2019. The fund has also completed a deal to buy 22 warehouses in France and Spain, which span about 1.8 million square meters in September.

A representative for GreenOak declined to comment.

The shift to e-commerce, which has boosted warehouse rents and values in both the US and UK, is prompting opportunistic investors to buy and build in parts of Europe where online shopping has yet to take hold to the same degree. Such funds are luring pensions and insurance funds that are seeking to shift their allocations from retail properties that have been hurt by store closures and falling rents.

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