BlackRock Real Assets has completed the final close of its Europe Property Fund IV with €700m (£595m) in commitments.
The fund, which targets European value-add assets, has invested a fifth of its commitments in six deals in European cities including Paris, Munich, Frankfurt and Dublin since launching in 2015. Its pipeline includes a further five deals under exclusivity.
More than 30 institutional investors in North and South America, Europe, Asia and Australia made commitments to the fund. BlackRock said the commitments reflected strong demand for value-add assets across Europe.
The fund’s local investment teams have also repositioned, rebuilt and recapitalised office, retail and student housing assets in continental Europe, the UK and Ireland.
Marcus Sperber, head of BlackRock’s global real estate business, said: “In today’s volatile markets, institutional investors are making significant shifts to illiquid assets that can help them generate income and higher potential returns over a long time horizon.
“With this increased demand, we have seen positive momentum globally across our real assets platform, as investors look to solutions such as Europe Property Fund IV that may help them meet their investment goals.”
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