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Investment manager AEW Europe has raised a total of €235 mln for its Europe Value Investors Fund at the second close.

The fund expects to undertake further closings in 2015 and will target a total investment capacity of €700 mln. It will focus on core-plus and value-add opportunities in the office sector mainly in Germany, France and the UK, AEW Europe said.

Russell Jewell, head of private equity funds for AEW Europe, said: ‘Despite the ongoing competition in investment markets, we continue to see opportunities by taking advantage of our ability to source off market transactions which focus on smaller assets and longer hold periods to unlock value.'

The value-add fund has already acquired two assets in Germany and three in France. A further Paris asset is expected to complete by the end of March, bringing the total investment volume of the fund close to €200 mln since its launch in June 2014.

Carsten Czarnetzki, fund manager for Europe Value Investors, said the fund’s strategy is to take advantage of the strong demand for stabilised assets in core markets. ‘We will invest in office assets that can be managed or repositioned to core, to support the ongoing re-allocation of assets into real estate. We have made good progress so far, securing a strong pipeline of investments in France, Germany and the UK, and expect to maintain this positive momentum during 2015.'