UPDATE: CBRE raises $944m for value-added fund

CBRE Global Investors has raised $943.5 million for CBRE Strategic Partners U.S. Value 7, a domestic value-added fund, according to a filing with the SEC.

The fund launched in October 2013 with a $1.5 billion fundraising goal and has an anticipated final close date in April 2015.

Moving away from competitive core markets, the fund will invest in “next-tier” U.S. markets across the major property types and will seek to acquire properties that are at a discount to current replacement cost, are off-market or have limited bid situations, or are underperforming assets from distressed or transitional owners.

The fund will use leverage up to 60 percent LTV and is expecting net returns around 12.8 percent. The manager will co-invest in the fund up to $30 mill