Strategic Partners picks up European real estate fund stake

The Blackstone unit has bought a stake in an Eastern Europe-focused Europa fund through a real estate secondaries vehicle.

Strategic Partners has purchased a stake in a Europa Capital Management property fund, according to a UK regulatory filing.

Europa Emerging Europe Fund is a €164 million 2007-vintage fund that makes real estate investments in Eastern Europe. Strategic Partners bought the interest through Strategic Partners Real Estate VI Investments, a vehicle launched in December 2014 that has so far raised $200 million of its $750 million target, according to PEI’s Research & Analytics division.

Europa Emerging Europe Fund’s focus is on owner-occupied residential, industrial warehouses and retail investments, according to a document from the University of Michigan‘s endowment, an investor in the fund. The average size of deals from the fund was €10 million, and the fund has invested in projects in cities including Bucharest, Timisoara and Cluj Napoca.

The deal was completed on 24 August, according to the filing.

Strategic Partners bought the stake from GCM Grosvenor through its GCM Grosvenor Real Estate-Infrastructure Fund, according to the filing. The fund was previously known as CSIM Real Estate/Infrastructure Fund and was managed by Credit Suisse. Last year, Grosvenor announced it had acquired Customized Fund Investment Group, Credit Suisse’s private equity, infrastructure and real estate investment management unit.

It wasn’t clear if Grosvenor acquired CSIM Real Estate/Infrastructure Fund as part of the Credit Suisse deal.

Strategic Partners, GCM Grosvenor and Europa didn’t return requests for comment.