Weinberg Capital Partners announces that it has raised 110 million euros for the first close of its value-added real estate fund, WREP#3, with French and International institutional investors and is now aiming for a final close at 250 million euros.
The investment strategy of the WREP#3 fund lays emphasis on the repositioning and development of office, retail and business buildings, mainly in Paris and the Ile de France region. Its “local” strategy is a key success factor according to Jean-Philippe Olgiati. Deal size varies from €25 to 100m.
The fund has just completed its first acquisition, a flagship building located in the 9th arrondissement of Paris. It will be renovated by architect Franklin Azzi. On 22nd October 2019, WCP signed a lease on the entire building with a first legal tenant. Another acquisition is expected to be announced by the end of the year.
