Harbert Management Corp. Raises $522 (EUR 405) Million for Third Pan-European Real Estate Opportunity Fund

Raymond J. Harbert

BIRMINGHAM, AL  /PRNewswire/ -- Harbert Management Corporation ("HMC"), an alternative investment manager, announced it has raised over $325 (EUR254) million of equity commitments for Harbert European Real Estate Fund III ("the Fund"), its third pan-European real estate opportunity fund, including $197 (EUR151) million in co-investment equity.

 The Fund will primarily target institutional-quality European real estate investments at opportunistic pricing with a focus on over-leveraged borrowers, upcoming debt maturities and institutional owners refocusing on core competencies or markets.

To date, the Fund has made four acquisitions, most recently acquiring approximately four million square feet of UK industrial assets.  All current investments are performing at or above underwriting targets. 

"With highly leveraged buyers forced out of the market and many investors still on the sidelines working through legacy portfolio issues, we see opportunities in the European real estate market that we are well-positioned to take advantage of," said Raymond Harbert, CEO and Founder of HMC.

 "While we are seeing the European investment market taking more time to recover than in the US, high-grade distribution assets in the UK and prime office space in Paris, for example, provide attractive long-term investment

For a complete copy of the company’s news release, please contact:

Bill Wos

Marketing Manager

Telephone: 205 987 5589 

E-mail: bwos@harbert.net

Harbert Management Corporation

Web Site: http://www.harbert.net