Fundraising round-up: Springing into action
Spring has sprung, bringing with it a number of new European funds, as investors continue to look for opportunities for diversification in new and continuing real estate funds.
Germany-based Union Investment has launched UII Hotel Nr 1, a core real estate fund with a €250 million fundraising goal. The fund intends to close after 10 years and will target investments from banks, occupational pension schemes, insurance companies and pension funds. UII Hotel Nr 1 will invest in mid-size and budget hotels in Austria, Belgium, France, Germany, Luxembourg, the Netherlands, Poland and the United Kingdom.
Another hotel fund, Invesco European Hotel Real Estate Fund II, sponsored by Invesco Real Estate, has held a €280 million final close. The value-add