CB Richard Ellis is ready to seed its third Falcon fund this month after its launch at the end of last year.
CBRE Investment Funds Spain launched Falcon III with an investment volume of around €100m including debt. Like Falcon II, it will invest 80% in France and Germany and the remainder in Hungary, Poland, Romania and Slovakia.
The core-plus fund is targeting an internal rate of return of 10%-12%.
Falcon I, around the same size as Falcon III, closed last month with the purchase of a €12m building in Brussels, having invested €120m. Falcon II has €80m of its €300m left to invest and is due to close in the next four to six months. Falcon III will close in a year.
