Healthcare Infrastructure

BentallGreenOak (BGO) has introduced its second U.S. value-add debt vehicle, BGO U.S. Value-Add Lending Fund II, following the success of its predecessor, which raised $361 million. The fund aims to capitalize on the growing demand for transitional real estate lending solutions in the U.S. market. It focuses on originating loans for acquisition, refinancing, redevelopment, and construction projects across various property types, including multifamily, industrial, hotels, life sciences, and self-storage. The fund targets loan sizes between $20 million and $250 million, offering senior and mezzanine financing with terms ranging from one to five years. With a loan-to-value ratio of up to 85%, BGO positions itself as a flexible lender in a market where traditional banks have become more conservative. The fund's strategy is designed to provide attractive risk-adjusted returns by addressing the financing needs of transitional properties in primary and secondary U.S. markets. BGO's U.S. debt platform is led by Managing Director Abbe Franchot Borok, with support from Managing Director Jessica Lee. The firm's approach integrates environmental, social, and governance (ESG) considerations into its underwriting process, aiming to promote sustainable and resilient real estate investments. Institutional investors, such as the Massachusetts Pension Reserves Investment Management Board (MassPRIM), have shown confidence in the fund, with MassPRIM committing $100 million to Fund II.

GREYKITE European Real Estate Fund I, SCSp, launched in 2024 and domiciled in Luxembourg, is a London‑based opportunistic real estate fund targeting high-conviction European markets. With cornerstone LP commitments from Capital Constellation (Wafra), Leucadia Asset Management, and later Goldman Sachs Vintage Strategies, the fund closed approximately US $324.5 M in March and raised additional equity amounting to €335 M by October, culminating in a total fund size around US $660 M. The fund’s main focus lies in scalable, operationally intensive themes including logistics/industrial, student accommodation (PBSA), single-family rental (SFR), and selected hospitality or life sciences plays, with active value creation via asset and corporate-level initiatives. In its logistics strategy, Fund I led a €300 M joint venture in Poland (seed portfolio ~€130 M, ~60% debt) and acquired a €350 M, 98%‑occupied 13‑asset logistics portfolio across Germany, France, and the UK (400 k m²), leased to blue‑chip tenants. Further diversification includes a Munich-based PBSA JV targeting ~190 beds and €250 M investment by 2026/27, and a £750 M SFR venture in the UK with Gatehouse, aiming to deploy ~£200 M by end‑2024 and acquire up to 2,500 homes.