European Real Estate Debt Fund I (ERED I) & DREF
The European Real Estate Debt Fund I (ERED I) achieved its targeted final close of over £300 million in the summer of 2011.
Given the size of the market opportunity and the number of public market investors who were actively looking for high income investments, the DRC team identified the opportunity to bring a listed feeder fund to market.
DRC was the first to launch a dedicated commercial real estate debt listed feeder vehicle on the London Stock Exchange. DREF:LN (Duet Real Estate Finance Ltd) raised £76 million in 2011 and is a Limited Partner in ERED I. More information relating to DREF is available at DREF
Following the global financial crisis, ERED I established its reputation as one of the most active alternative debt providers in the European commercial real estate market.
The Fund has now fully realised and achieved a Gross IRR of 13.5%, with a cash income component that provided for a net distribution to Limited Partners in excess of 8.4% per annum.