AEW has raised €415m (£363m) of equity for its Europe City Retail Fund – exceeding its target of €400m.
The fund has a total firepower of more than €800m at the moment, although AEW has said it is in talks with investors to raise the level of equity commitments to €800m. With a maximum loan-to-value of 50%, it could have a capacity of more than £1.5bn after the raise.
It has invested €200m across Europe in income-producing retail assets in main European city centres including Copenhagen, Rome and Madrid. It has another €400m in investments in its pipeline across France, Italy and Germany.
Marc Langenbach, head of funds at AEW in Germany, said: “To have exceeded our initial fundraising target is a clear sign of the ongoing demand for good-quality, income-producing retail assets throughout Europe.
“We shall now look to continue sourcing the most attractive investment opportunities in Europe’s tier-one cities on behalf of our investors.”
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