Tishman Speyer launches €1bn brown-to-green fund
Tishman Speyer has launched a real estate fund for financing value-add, sustainability-focused projects in Europe, with €600m already committed from institutional investors.
The firm hopes to raise €1bn for the fund, called Tishman Speyer European Real Estate Venture IX. It hopes to use the fund for brown-to-green schemes, which involve refurbishing sites to be more environmentally friendly.
Tishman Speyer’s head of Europe, Bernard Penaud, said the launch “reflects the continued strong levels of investor appetite for first-class European real estate. It also testifies to Tishman Speyer’s commitment to value creation across the region”.
Tishman Speyer has launched a real estate fund for financing value-add, sustainability-focused projects in Europe, with €600m already committed from institutional investors.
The firm hopes to raise €1bn for the fund, called Tishman Speyer European Real Estate Venture IX. It hopes to use the fund for brown-to-green schemes, which involve refurbishing sites to be more environmentally friendly.
Tishman Speyer’s head of Europe, Bernard Penaud, said the launch “reflects the continued strong levels of investor appetite for first-class European real estate. It also testifies to Tishman Speyer’s commitment to value creation across the region”.
Penaud added: “[The fund] will identify opportunities to execute brown-to-green strategies in European gateway cities that deliver top quality, sustainable buildings in central, well-connected locations with attractive amenities for customers.”
The developer used its previous fund to build prime office buildings in Berlin, Paris, London and Madrid.
That fund is now close to being fully allocated, with acquisitions including the office building Q207 in Berlin from Allianz Real Estate and Angel Square in London. Tishman Speyer has €6.6bn invested in European markets.
Andres Guzman, the firm’s head of ESG for Europe, said Tishman would look to convert spaces “from functional to experiential, while also matching a wider sustainable ethos and improving the communities around them”.
He added: “As a strategic priority, we are integrating ESG into every stage of the real estate life cycle, along with a set of commitments including a goal of net-zero carbon emissions by 2050 or sooner across our global portfolio, and ensuring that all future acquisitions will have clear pathways to net zero.”
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
