Key Capital aims to raise €50m for commercial and residential property

Investor Key Capital hopes to raise €50 million to buy into commercial and residential property in Europe, North America and elsewhere.

Key Capital Investment Management said on Monday it was launching its second private equity real estate fund, which will focus on property investments that add value or cash in on opportunities.

The investor hopes to raise €50 million for the second property fund, following on from the first, into which backers put €40 million in 2016.

Key’s second fund will invest the cash into a similar mix of properties as its first.

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Of that, 25 per cent to 35 per cent went into offices, 15 per cent to 25 per cent was earmarked for residential property, 15 per cent to 20 per cent for hotels/leisure, 5 per cent to 15 per cent for industrial/logistics and 15 per cent to 25 per cent to mixed-use.

The first fund placed 60 per cent of its cash in Europe, 30 per cent in North America and 10 per cent in the rest of the world.

Long-standing relationships

Key said the second property fund would continue the strategy of the first by giving backers access to leading multinational real estate investment managers, such as Blackrock, Blackstone and the Starwood Capital Group.

The Irish fund added that it had long-standing relationships with these investment managers, which it said were experienced in investing successfully through property market ups and downs.

Martin Lally, managing director, Key Capital Investment Management, described the property fund as an attractive way to invest with real estate managers that focused on getting yield from rents and growing properties' value.

“The fund will provide exposure to a diverse portfolio of real estate assets in both traditional and developing real estate sectors such as ecommerce, logistics and warehousing, flexible workspaces and urban residential real estate,” Mr Lally added.

Key Capital’s private assets programme has raised €400 million to date, including €72.25 million for a fourth private equity buyout fund last May.