INTERNOS Global Investors has finished the €135m (£114m) first close of its Internos Core European Balanced fund.
IGI secured the funding from six institutional clients of the Townsend Group.
An open-ended Special-AIF, ICE Balanced, is targeting total returns of 8% using modest leverage and a has target gross asset value of €2bn over five years.
Its first acquisition is a €200m seed portfolio comprising nine properties including seven office assets, one logistics asset and one mixed-use asset located in Europe.
The investors into the fund include insurance companies and public and private sector pension funds based in Europe and Asia.
Andrew Thornton, chief executive of INTERNOS Global Investors, said: “Since our launch in 2008, we have built a platform with strength and depth across Europe’s major geographical real estate markets in both traditional and specialist asset classes. We now have six funds actively investing across Europe.”
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