UPDATED: Europa Capital holds first close for Fund VI

Europa Capital has raised €493 million ($545 million) for its sixth real estate investment vehicle, which has a final close target of €850 million ($940 million).

The firm plans to hold a final close at the end of 2020.

Launched in May, Fund VI is looking to invest primarily in the office and residential sectors in France, Germany and the United Kingdom.

Three investors committed capital to the value-add fund.

The previous fund in the series, Europa Fund V, closed in 2016 with €716 million ($790 million) in capital commitments, including co-investment commitments, according to Europa.

The firm specializes in European investments, using both equity and debt strategies.

Since its formation in 1995, Europa Capital has collectively raised 10 real estate funds and committed to more than 130 transactions totaling more than €11.3 billion ($12.4 billion) across 21 European countries.