BlackRock’s fifth European opportunistic property fund has completed a first close with $780 million in capital commitments, raising more than half of its $1.4 billion target.
Launched in December 2018, the value-added fund received commitments from 24 global institutional investors. It will follow the strategy of its predecessor fund, Europe Property Fund IV (EFIV).
EFIV invested in submarkets undergoing permanent structural change, predominantly in Germany, France, the Nordics, Ireland and Spain, as well as the United Kingdom. The fund raised $779 million and held a final close in April 2017.
