GLOBAL – Debt will become the new core as pension funds and insurers transfer their special situations allocations to new asset sub-classes such as debt, according to Dale Lattanzio, managing director of real estate private equity firm Duet.
Duet raises more than £300m for European Real Estate Debt Fund; announces 2011’s largest European mezzanine financing – £80m for The Blackstone Group.
Duet is pleased to announce further progress in deploying capital through the growth of the investment portfolio of the European Real Estate Debt Fund.
Duet’s new mezzanine fund is hoping to tap into the huge market between senior debt and equity. Paul Norman meets the team from Duet. Portraits by Marcus Rose.
Duet announces £75 million second close for its European Real Estate Debt Fund – set up to capitalise on the lack of capital available to finance European Commercial Real Estate.
Duet Real Estate Finance Limited is pleased to announce that the Company has raised £50 million at a price of 100 pence per Ordinary Share through the Placing and the Offer for Subscription. This is significantly in excess of the minimum target and the IPO generated interest from a range of investors.
Duet Private Equity Ltd (“Duet”), through the European Real Estate Debt Fund, which it advises, has completed a €14.5m mezzanine financing secured by a portfolio of hotels in Germany owned by Blackstone Real Estate Partners (“BREP”) International Fund II and BREP Fund V. The hotels, including the Grand Esplanade in Berlin, were previously financed by Citibank. The senior debt was provided by Deutsche Bank AG, London.
The European Real Estate Debt Fund I has successfully arranged the refinancing of 17 Columbus Courtyard in Canary Wharf, London.