Houston-based real estate investment firm Hines has closed its Hines European Value Fund, which exceeded its fundraising target by more than 40 percent, the firm announced Thursday.

Hines’ flagship European value-add fund attracted more than €720 million since launching in July 2017. Of the 16 backers to commit equity, 12 were first-time investors.

The investor base was primarily European and included institutional investors Allianz, Intesa Sanpaolo Vita, Nordrheinische Ärzteversorgung (NAEV), Kirchliche Versorgungskassen KZVK/VKPB, OP Real Estate, the Finnish Church Pension Fund, Formuesforvaltning, Kommunaler Versorgungsverband Thüringen (KVT) and Wealthcap. Hines also noted other German and Asian pension fund and insurance group clients in its announcement.

The firm will pursue a range of property types for the fund, including office, retail, logistics, residential and mixed-use, in primary institutional markets while abiding by a geographic mandate that spans the European Union and Norway. Hines’ 386 employees based in Europe will source properties against a value-add or core-plus strategy. Already, the firm has committed €200 million to three property investments in Stuttgart, Copenhagen and Barcelona and has plans to acquire a fourth project that it did not disclose.

“With local teams in 11 countries and 17 offices, we have grown our European platform by strengthening our presence on the ground in strategic markets across the region,” Hines Europe chief executive Lars Huber said. “We have invested in over 50 European cities with strong diversification across all sectors and the full risk spectrum.”

Founded in 1957, Hines has a presence in 24 countries and currently manages around $116.4 billion in assets under management. The firm pursues real estate investments of all property types and across all risk levels. It first began making European investments in 1991 and has since grown its European assets under management to €16.7 across Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Spain and the UK.