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Private real estate debt vehicles need to prove their value to investors in a more crowded and competitive market.
Erik Savi’s exit is accelerating the combination of infrastructure and real estate debt into a single platform, a plan that was already in the works.
The firm’s latest credit vehicle has already significantly outpaced its predecessor fund, which closed on $695m.
The fund will deploy capital in Europe and North America.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.
Rising hedging costs have diminished appetite for American real estate in favor of European.
Across the world, real estate owners have made progress in making their portfolios sustainable. However, quantifying the impact of green practices on real estate investments remains difficult.
Through its purchase of a debt business from Quadrant, the French giant has gained access to a greater set of lending opportunities, and the ability to be more selective.
The German bank generated €6.1bn of new real estate loans in the first nine months of 2018, up 7% year-on-year despite lower activity in Europe.
The Chicago-based investment firm has had an active European real estate debt business since 2010.
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