Internos Global Investors has entered the market for pan-European open-ended funds, raising 鈧�135m from six investors.
The company, which was established in 2008, has held a first close for the Internos Core European Balaned fund, securing investment from clients of The Townsend Group.
Investors in the fund include insurance companies and public and private-sector pension funds from Europe and Asia.
Internos, which was founded by Jos Short and Andrew Thornton, is looking to build the fund up the fund鈥檚 gross asset value to 鈧�2bn over five years.
The company joins a that have been launching or growing existing pan-European, open-ended core funds.
Internos has already made its first acquisition, buying a portfolio of nine properties for 鈧�200m. The assets comprise seven offices, one logistics asset and one mixed-use asset in France, Italy, Germany, Spain and the Netherlands.
The fund is targeting a total return of 8% and will use 鈥渕odest鈥� leverage.
It will predominantly in office, retail, logistics and industrial assets, although it can allocate up to 20% to more specialist property types.
Andrew Thornton, CEO of Internos, said the launch marked 鈥渁 transformational moment鈥� for the company.
鈥淪ince our launch in 2008, we have built a high quality platform with strength and depth across Europe鈥檚 major geographical real estate markets in both traditional and specialist asset classes,鈥� he said. 鈥淲e now have six funds actively investing across Europe.鈥�
Giles Smith, head of fund management at Internos, said: 鈥淲ith our first acquisition complete, the team is now working on a pipeline of single asset and portfolio acquisitions, sourced according to the fundamentals of the assets, micro-locations and local occupier markets.鈥�
Morgan Angus, principal at The Townsend Group, said the multi-manager would help Internos 鈥渁chieve its long-term growth aspirations for the fund鈥�.
He said: 鈥淲e are pleased to provide our clients with this proprietary opportunity to access a strong portfolio of core real estate in Europe with fundamental value and without the extended drawdown periods that usually accompany such investments.鈥�
