Invesco reaches third close on pan-European Value Add fund
Invesco Real Estate has held a third close for its second European Value-Add fund, having raised €550m (£486m) so far from 18 investors in the UK, mainland Europe and the US.
The real estate investment manager is targeting €750m. Some 90% of investors from the fund’s predecessor have committed to the second fund.
With leverage, Invesco said it expected to have up to €1.9bn to invest into its pan-European value-add programme.
Invesco Real Estate has held a third close for its second European Value-Add fund, having raised €550m (£486m) so far from 18 investors in the UK, mainland Europe and the US.
The real estate investment manager is targeting €750m. Some 90% of investors from the fund’s predecessor have committed to the second fund.
With leverage, Invesco said it expected to have up to €1.9bn to invest into its pan-European value-add programme.
EVAF II, which has four logistics and residential investments in Central Europe, Italy and Spain, aims to invest its remaining 82% of dry powder over the next three years into “opportunities created by changing market conditions, including the impact of Covid-19”.
Kevin Grundy, managing director in the fund management division at Invesco, said: “We are using the breadth of the Invesco platform across Europe to identify opportunities where we believe intensive asset management has the potential to create superior returns.
“Covid-19 is redefining, for instance, what investors and tenants wish to acquire and occupy, and the fund intends to position itself as one of the first to respond to those changes.”
The final close of EVAF II will be held in the summer.
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