BOSTON—AEW Capital Management, headquarteredhere, said Tuesday it had closed its AEW Partners VII LP fund witha total of $550 million in equity commitments from limitedpartners, hitting the fund's hard cap. Fund VII will invest intop-tier markets in North America.

|

“Almost half of the fund is already invested or committed and wecontinue to have a very robust pipeline of opportunities,” saysMarc Davidson, portfolio manager of the AEWPartners series of funds. This past September, for example,GlobeSt.com reported that AEW had agreed to pay $134.1 million to acquire 1310 N.Courthouse Rd., a 380,752-square-foot office property inArlington, VA that MRP Realty andRockpoint Group put up for sale in February. It'samong the acquisitions that have been made through Fund VII, aspokeswoman tells GlobeSt.com.

|

Fund VII seeks to take advantage of dislocations in the realestate and capital markets by acquiring and recapitalizing assetsthat are undermanaged but well-located, with distressed capitalstructures. “We continue to focus on assets and markets thatbenefit from evolving trends, such as urbanization, changingdemographics and the dynamic energy landscape,” says Davidson.“We're excited about the investments we have closed to date, themajority of which were acquired from owners under pressure to sellor recapitalize.”

|

Separately, AEW Europe, AEW Capital's overseascounterpart, said late last week that it had completed theacquisition of four Parisian office properties from SIIC deParis for €300 million, or about US $372 million. The dealwas done on behalf of an unnamed institutional investor.

|

Three of the properties are located in the CBD of Paris: 10/12rue de Tilsitt and 8 rue Lavoisier, both in the 8th arrondissement;and 2 rue du Quatre-Septembre, in the 2nd arrondissement. Thefourth is in the suburb of Montrouge. Totaling 290,000 square feet,the properties are 100% leased to tenants including ClearyGottlieb Steen & Hamilton, Van Cleef &Arpels, Shibsted (Le Bon Coin) andMondadori.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.