ARA Venn reaches first close on value-add fund
ARA Venn has raised €200m (£178m) for the first close of its latest fund from institutional investors.
The Venn Commercial Real Estate Fund II is to invest in whole loans secured by value-add asset opportunities, including residential and alternatives, across western Europe.
It is targeting a net IRR of mid to high single digits and quarterly income distributions for its investors.
ARA Venn has raised €200m (£178m) for the first close of its latest fund from institutional investors.
The Venn Commercial Real Estate Fund II is to invest in whole loans secured by value-add asset opportunities, including residential and alternatives, across western Europe.
It is targeting a net IRR of mid to high single digits and quarterly income distributions for its investors.
ARA Venn is chiefly looking to deploy the fund in France, Germany, Ireland, the Netherlands, Spain and the UK.
ARA Asset Management, which formed ARA Venn with Venn Partners in March, is the cornerstone investor in the fund.
VeCREF II follows the success of its predecessor, VeCREF I, which deployed more than €520m across 24 real estate loans.
Paul House, joint managing partner and head of the commercial real estate team at ARA Venn, said: “We are delighted to have successfully reached the first close of VeCREF II, particularly in an uncertain market environment which we believe will be very interesting for non-bank lenders who are unencumbered by legacy loan assets and who will therefore be able to assist with financing requirements when others are less able to.”
Beatrice Dupont, partner in the commercial real estate team at ARA Venn, added: “We are currently analysing a number of exciting opportunities to deploy capital into a market which promises to be very attractive for real estate debt in relative value terms.”
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