KKR has had a final close on its first dedicated European real estate fund.
The US private equity house raised $739m (£500m) for the KKR Real Estate Partners Europe or REPE fund from a group of different investors.
The company announced that the fund would be backed by public pensions, insurance companies, private banks and high net worth individuals.
The fund will be managed by a team led by Guillaume Cassou, head of European real estate, and will focus on opportunistic investments and real estate related transaction across western Europe.
This will include investments in debt and companies that will give KKR a control in the direct real estate.
Its primary geographic focus is expected to be in the core markets of France, the UK, Germany, Spain, Italy, Ireland and Belgium.
As a start, the fund has seeded the portfolio with six investments spread across Europe.
While this is the first European dedicated fund for KKR, the business has invested in Europe before through a global fund.
Overall, the company has invested $1.3bn in real estate in Europe since 2013.
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