Invesco Real Estate held a final closing for its second pan- European hotel fund this month, two years after the first closing. With leverage, the €200m total equity raised will allow the fund to grow to about €400m.
The time taken to reach final closing and the amount raised, less than the €350m in its first such fund, reflected the tougher capital-raising environment even for managers with track records.
Investors in the second fund are different from the first; some from Fund 1, such as Generalli, no longer invest in funds. Fund two owns eight assets including hotels in Munich, Hamburg, Frankfurt, Vienna and Salzburg, let to NH Hotels; and the Holiday Inn, Eindhoven.
Fund 1 reached full investment in December 2010 with 17 mid- market hotels.
- John German has joined Invesco from Grosvenor to expand its residential investment business in Europe.