New York-based Church Pension Fund and Deutsche Finance Group are among investors backing a second CEE-focused fund managed by Revetas Capital Advisors.

Revetas said it raised €120m from current and new investors for its Revetas Capital Fund II.

Launched last year with commitments from Revetas Fund 1 investors, the fund has attracted capital from Church Pension Group, responsible for retirement health and life insurance benefits for the Episcopal Church in the US, and Deutsche Finance Group.

The fund has bought a 90,959sqm portfolio of assets in Poland, the Czech Republic and Slovenia for €137m.

Revetas’s founder and managing partner Eric Assimakopoulos said the assets were “highly attractive, cash-generative property investments in excellent locations, which will ensure solid cash-on-cash returns to the investors in Fund 2”.

Fund 2 has also bought the Sofia Airport Centre, an office and logistics complex completed in 2012.

Assimakopoulos said Revetas was exploring further development opportunities with Bulgaria’s Tishman International on the site.

“The reality of the CEE regional economies is that they are geared for rapid recovery, which is now starting, and they offer potentially significant returns and opportunities compared with the better-understood Western European economies,” he said.

“Major global investors are now starting to recognise this and are following our lead.”

The company has hired Ronald Weiser, a former US Ambassador to Slovakia.