Private equity firm BC Partners aims to raise about €700 million for its first European property fund, Reuters reported, citing people familiar with the matter.
BC Partners European Real Estate I will acquire assets in some of the largest European cities such as London, Paris, Berlin and Madrid, according to the firm's website. The target size of the fund has not previously been disclosed.
A spokesperson for the firm declined to comment, Reuters said.
The London-based firm launched a real estate effort in 2018 to diversify from its private equity and credit businesses, the newswire reported. It hired three senior executives from French property firm Altarea Cogedim Entreprise to run the new business, BC Partners Real Estate.
The fundraiser follows Blackstone Group Inc.'s Strategic Capital Group purchase of a 10% to 15% stake in BC Partners for €500 million in August.
BC Partners traditionally invests in healthcare, financial services and industrials in Europe and North America.