GLOBAL - Australia's QIC Global Real Estate has raised more than AUD1.7bn (€1bn) over the past 18 months, the company announced - hailing it as one of the largest capital raisings in the Australian unlisted property fund market.
Robert Carter, managing director at QIC, said investors in the AUD5.56bn QIC Property Fund (QPF) now included insurance companies, as well as sovereign wealth funds and domestic superannuation schemes.
The fund, launched 15 years ago, currently owns nearly a dozen shopping centres, as well as four office units in domestic cities' central business districts (CBD).
Carter said: "QIC Global Real Estate is actively managing its Australian portfolio and has a significant development pipeline, projected to be valued at more than $2bn over the next 5-7 years, funded almost entirely by equity."
Non-listed property was recently highlighted as an asset of increasing interest to Australia's Superannuation funds, with the Australian Institute of Superannuation Trustees predicting a 34% increase in allocation to the assets over the next two years.
Meanwhile, UK-based developer Equitix has succeeding in raising capital in excess of its £150m target for the eponymous Fund I, targeting infrastructure projects.
The company said it expects to reach £250m in funding by the end of the year, raised from a number of sources, including UK corporate and local government pension schemes.
A second fund - Equitix Fund II - has already contributed toward a number of private finance initiatives (PFIs), chief investment officer Hugh Crossley noted, including healthcare and lighting projects.
In other news, a German Spezialfond launched by F&C REIT Asset Management has secured commitments of €170m from institutional investors, covering more than half of the targeted €300m in funds.
F&C said the fund had already invested €30m in several German cities and expected all investments to be concluded by the end of 2013, with the remaining value of the fund earmarked for other acquisitions undergoing due diligence.
Iris Schöberl, managing director of F&C REIT Germany, said the combination of more stable valuations and rental yields was driving institutional demand for core and core-plus properties in the country.
Moving to the US, Henderson Global Investors has raised $105m (€77m) toward its US multi-family housing fund CASA V, covering more than a third of its targeted $390m in equity raise.
So far, Henderson has seen capital come from three US public pension funds - which it stressed were repeat clients - granting it nearly $300m in purchasing power, while targeting a gross equity return of 13-15%.
Sue Motowidlak, co-portfolio manager for the fund, said that unlike in the 1980s and 1990s, the multi-family market was not overbuilt.
"Heading to the market at this point in the cycle will allow us to take full advantage of market and operator distress while remaining true to our investment expertise," she added.
AEW Europe has raised €176m from institutional investors for its retail fund targeting French retail property, claiming the sector has so far proven to be "particularly resilient" to the economic crisis.
Stéphane Sebban, manager of the Fondis fund, said he saw good investment opportunities in French town centres and secondary retail locations across the country.
Once fully invested, the new capital will increase Fondis assets under management to approximately €700m, AEW said, with lot sizes of up to €70m targeted.
Finally, Duet's European Real Estate Debt Fund achieved its targeted capital close of £300m at the end of last month, attracting institutional investors from both continental Europe and North America.
The fund will focus on providing mezzanine loans secured against high-quality commercial units in Western Europe.