Rockspring Property Investment Managers, the London-based pan-Europe firm, has closed its UK Value Fund on £336 million ($502 million; €408 million) of commitments.
The firm said that with bank loans, it could amass up to £700 million of assets.
The fundraising saw 12 international institutional investors commit to the vehicle, with those investors coming from four countries.
Its strategy is to focus on small-to-medium sized assets primarily in the office, retail and industrial sectors. The target is to deliver a net total return to investors of 13 per cent every year.
So far it has called down £82 million of the equity for four acquisitions, Rockspring added.
News of Rockspring’s intention to raise a UK value added fund surfaced in summer 2009, when Bloomberg reported the firm was aiming to coral £350 million. However, that report said Rockspring started raising money for the value fund in the first half of 2008 and abandoned the effort following the credit crisis.