Internos holds €135m first close for core European fund

Internos Global Investors, the pan-European investment manager, has held a first close for Internos Core European Balanced fund, raising €135 million ($148 million).

The fund secured capital commitments from six institutional clients of The Townsend Group, which included insurance companies and public and private sector pension funds based in Europe and Asia.

The open-ended fund is targeting total returns of 8 percent using modest leverage by creating a portfolio of quality commercial real estate and property assets across the major metropolitan markets in Europe and the United Kingdom. The fund will invest predominantly in office, retail, logistics and industrial assets with up to 20 percent allocated to more specialist property asset classes. The fund is seeking to raise €2 billion in total equity commitments over five years.

The fund’s first acquisition is a €200 million investment in a seed portfolio comprising nine properties including seven office