Landmark Partners has acquired a stake in AIG’s European Real Estate Partners II, using its sixth real estate secondaries fund, according to UK regulatory notices.
AIG European Real Estate Partners II is managed by the real estate management arm of insurance company AIG. The fund raised $275 million in June 2008. Limited partners include Philadelphia-based The William Penn Foundation, according to PEI’s Research and Analytics division.
Fund II invests in Central and Eastern European real estate, specifically hospitality, industrial, office and retail properties. The fund reportedly invested in Hamburg-based urban project Stadtpark Quartier, via a joint venture with property developer Quantum in 2012.
AIG Global Real Estate manages real estate investments for clients and AIG companies. AIG put the business on the market in 2010 in order to repay debt to the Federal Reserve Bank of New York. At the end of 2010, Invesco Real Estate purchased several of its real estate funds, but a few larger funds such as AIG European Real Estate Partners II remained with the firm. AIG then appointed former AEW Capital Management executive Robert Gifford as president and chief executive officer to oversee future investments, PEI data disclosed.
AIG was unavailable to comment by press time.
Landmark acquired the stake from Seattle-based Casey Family Programs, which provides and improves foster care across the US.
Landmark used its sixth real estate secondaries fund, which raised $718 million in 2010, according to PEI data.
Landmark is currently in market with its subsequent real estate secondaries fund, which launched last year and is expected to be oversubscribed, a source familiar with the matter told Secondaries Investor in November. It has a $1 billion target and had collected $670 million as of August. It is expected to close in the next few months.
Landmark did not return a request for comment by press time.