Value-Add

Victoria Sharpe, the UK banking group’s head of real assets, explains how the firm is building a different – and enduring – property business the second time around.

The firm, which closed $100m over its target for Fund VI, is part of a growing percentage of managers beating their fundraising goals.

In a tough fundraising market, the largest managers are increasingly utilizing co-investment vehicles and separate accounts to stay competitive.

The manager is buying 24 properties comprising 5 million square feet from logistics giant Prologis with equity from its $4.9bn sixth industrial value-add fund.

The addition of Cromwell Europe will double Stoneweg’s AUM and expand its wheelhouse into multiple new markets, says founder Jaume Sabater.

The four industrial properties located on the Texas-Mexico border were sold to two institutional buyers.

The US firm is aiming to hold a final close this summer for the globally focused vehicle, which would be its largest closed-end fund yet.

Founder Keith Breslauer says most US investors were not interested in pursuing distress in Europe, perceiving a greater opportunity at home.

Included in the firm’s arsenal of capital is $2.5bn raised for two Asia real estate funds following its acquisition of Angelo Gordon.

The Los Angeles-based firm expects to bring to market the latest iterations of its European and US value-add real estate funds this year.