Weinberg Capital Partners announces the first close of its value-added fund WREP#3, at 110 million euros, and already a first acquisition
Paris, Tuesday 5th November 2019.
Weinberg Capital Partners (WCP) 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.
Jean-Philippe Olgiati, Partner and Managing Director in charge of real estate activities: "This first close demonstrates our investors' confidence in our ability to source, despite a competitive environment. The deal in the 9th arrondissement is the best illustration of this. We are now in a position to invest more than €200 million on a discretionary basis, including bank financing, and are pursuing the development of WCP's real estate platform”.