The amount, raised from several unnamed international institutional investors, is more than double the fund’s initial target of €400 million and paves the way for further investments in European retail assets.
It has already invested €200 million across Europe, having raised €125 million of equity at its first close in November 2015. The fund’s portfolio includes prime high street assets on Via del Corso in Rome and on the Østergade in Copenhagen.
Marc Langenbach, head of funds for AEW in Germany, commented: “To have exceeded our initial fundraising target is a clear sign of the ongoing demand for good quality income-producing retail assets throughout Europe, and a strong endorsement of our investment strategy to date.”
Christina Ofschonka, AEW’s fund manager for the City Retail Fund in Germany, added: “We have already invested around €200 million in a range of assets across Europe including in Copenhagen, Rome and Madrid and have a further €400 million of investments under exclusivity in France, Italy and Germany, which will allow us to both grow and further diversify the fund’s portfolio.”