PGIM Real Estate, previously known as Pramerica, has finished raising €457m (£385m) for its European Value Partners Fund.
The fund is the first in a series of closed-end funds investing in value-add assets in Europe, focusing on France, Germany, Italy and Spain.
Raimondo Amabile, head of Europe for PGIM Real Estate and senior portfolio manager for EVP, said: “Continental Europe offers a compelling mix of value-add real estate opportunities resulting from market dislocation, a cyclical recovery and ongoing structural trends in the region.”
EVP sold its first asset in July – 41 rue Ybry, a 15,000 sq ft Paris office that was let to Sephora in December 2015 ahead of the sale.
Other assets for EVP, which is currently 25% invested, include a portfolio of 26 properties located across Western Germany and a portfolio of three office buildings located in Munich submarkets.
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