Alternative Investments/Real Estate/ESG: Bridges Closes Fifth Fund At £350M For Sustainable Real Estate
The fund was closed at its hard cap of £350m – £50m above its original target and the largest fund Bridges has raised to date.
In a rousing testament to the demand for sustainable real estate, Bridges Fund Management closed its fifth real estate fund, the Bridges Property Alternatives Fund V at its hard cap of £350 million. Fund V is about 60% larger than its predecessor fund, and is notable for investment by a host of new LPs drawn to the fund’s dual objectives of both financial and sustainability performance. (Bridges)
According to firm, Fund V was one of only a few “dark green” real estate funds, which meet Article 9 SFDR requirements by holding assets that are sustainable from the point of acquisition.
Bridges has delivered an average realised gross returns in excess of 25% IRR over the past 12 years, and additional benefits for people and the environment.
The fund is already more than half invested or committed, and 20% of its current investments are either forward-funded or have been pre-sold.
Bridges funds, together with the new fund, are on track to deliver on the development of low carbon industrial space (5.5m sq ft), about 3,000 affordable and lower cost homes, and about 1,300 assisted living and care home beds. All told, the firm’s investments will save 100,000 tonnes of carbon emission savings.
“By concentrating on our preferred alternative and needs-driven sectors such as low-carbon logistics, healthcare and lower-cost housing, we have been able to generate consistent financial returns – typically well ahead of market benchmarks – whilst also achieving meaningful social and environmental impact,” said Simon Ringer, Head of Bridges Property Funds.
Image: Verda Park, a new 155,000 sq. ft. industrial/logistics development in Wallingford, South Oxfordshire, in partnership with Equation Properties (Bridges Fund Management)
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