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UK: Jersey-based private equity real estate firm Invel Real Estate has closed its Invel Eudora Fund 2 at more than €400 million in total capital commitments.
The total exceeds Intel’s original target of €300 million. Including leverage and co-investment capital, the fund, which will target the living and hospitality sectors, will have firepower in excess of €1 billion.
The fund pursues an opportunistic strategy, investing across the capital structure in situations shaped by mispricing, market dislocation and value-add potential, through two core themes: liquidity solutions and recapitalisations; and single assets, portfolios and platforms, where value is created through repositioning, development and active management.
Geographically, the fund is focused on Italy and Greece, markets characterised by a fragmented ownership landscape and compelling platform-building opportunities.
The fund attracted a diversified base of blue-chip local and international investors across Europe, the Middle East and North America, including leading asset managers, financial institutions, family offices, foundations, and provident funds.
The fund is classified as Article 8 under SFDR, incorporating environmental and social characteristics across investments in line with Invel’s broader commitment to responsible investing.
To date, the fund has committed around 60 per cent of its committed capital to 10 investments across Italy and Greece, spanning living, hospitality, logistics and structured financing.
These include a strategic partnership with YellowSquare to build a leading hybrid hospitality platform targeting over 5,000 beds across Southern Europe; the creation of Greece’s first dedicated flexible living platform targeting 2,000 units at stabilisation; and a €111.2 million whole-loan financing to support the transformation of the Hotel Majestic on Rome’s Via Veneto into Baccarat Hotel Rome.
Chris Papachristophorou, managing partner and founder at Invel Real Estate, said: “We are excited by and appreciative of the strong support we have received from our investors during the fundraising process. At Invel, we have always operated with a true ownership mindset: our interests are fully aligned with those of our investors and since inception we have delivered strong results through a disciplined approach to sourcing, structuring and actively managing investments in markets where we have deep local expertise and long-standing relationships. As we look ahead, the opportunity set across our target markets remains as compelling as ever, and we are committed to continuing to generate attractive, risk-adjusted returns for our investors.”
Gabriele Magotti, partner and chief investment officer at Invel Real Estate, said: “Southern Europe offers highly attractive risk-adjusted opportunities, characterised by structural supply-demand imbalances, market dislocations and a continuing need for flexible capital solutions. These dynamics play directly into Invel’s strengths. Since the Fund’s first close, we have built a strong and diversified portfolio across sectors with attractive supply-demand fundamentals, with predominantly off-market transactions, each structured to deliver compelling risk-adjusted returns. Invel combines the operational agility of a local operator with the discipline and rigour of an institutional manager, creating a compelling niche that continues to generate a strong pipeline of opportunities for our investors.”
Since its inception in 2013, Invel has deployed €1.7 billion on behalf of leading institutional investors through funds and co-investment structures. Invel has offices in Milan, Athens and Limassol.
Highlights:
• Jersey-based private equity real estate firm Invel Real Estate has closed its Invel Eudora Fund 2 at more than €400 million in total capital commitments
• The total exceeds Intel’s original target of €300 million. Including leverage and co-investment capital, the fund, which will target the living and hospitality sectors, will have firepower in excess of €1 billion
• Geographically, the fund is focused on Italy and Greece, markets characterised by a fragmented ownership landscape and compelling platform-building opportunities
