THE Resilient property stable is raising capital for its latest Europe-focused real estate fund, as it looks to repeat the success of New Europe Property Investments (Nepi) and Rockcastle Global Real Estate.AltX-listed Greenbay Properties is finalising capital raises, which CEO Stephen Delport said on Wednesday would make the group a property fund with a market capitalisation of about R4bn. Its initial plan is to invest in listed European property funds and distressed real estate assets. Previously, Delport was Poland-focused Rockcastle’s financial director."We want Greenbay to start, like Rockcastle did, by investing in other listed property companies in Europe, but then also own some physical assets," he said."We are an opportunistic fund and are looking at properties which may have bad bank loans on them which we could acquire and then improve them," Delport said.Investec Asset Management portfolio manager Peter Clark said there was not a lot of information in the market about Gr...
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