PGIM Real Estate has raised $1.1bn (鈧�926m) for its second European value-add fund.
The manager said the European Value Partners II (EVP II) has raised the capital at the fund鈥檚 final close, including sidecar investments.
EVP I, the predecessor fund received 鈧�457m in capital commitments at its final close in September 2016. EVP I was launched in 2015 and has deployed capital in office, residential and logistics in Germany and France.
The manager said EVP I is 80% realised and 鈥漮n track to significantly outperform its targeted returns鈥�.
EVP II, which is expected to be 70% deployed by the end of the year, has a strong seed portfolio, predominantly comprised of 65% in last-mile logistics and 25% in living assets across Europe鈥檚 major markets, PGIM Real Estate said.
Raimondo Amabile, global CIO and head of Europe and Latin America at PGIM Real Estate, said: 鈥淓urope offers a compelling mix of value-add real estate opportunities resulting from market dislocation, a cyclical recovery and ongoing structural trends in the region.鈥�
Amabile said the latest fundraise demonstrates continued investor confidence in PGIM Real Estate鈥檚 strategy and European platform.
鈥淚mportantly, this capital raise also shows that investors see a significant opportunity in the region鈥檚 recovery from the COVID-19 pandemic.
鈥淲e will continue to source compelling investment opportunities for our investors with a focus on affordable and senior living, logistics and offices in 鈥榮mart cities鈥�, with the aim of creating significant value through tailor-made asset management.鈥�
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