Hungerford Properties has raised CAD170m (€117m) for a fund focused on Western Canada.

The Vancouver-based company said its second Hungerford Properties Western Canada (HPWC) vehicle was backed by existing institutional, family office and high-net-worth investors.

An incremental $50m is soft-circled for the CAD$200m fund, due to close in the next few months.

The fund will focus on the refurbishment and development of real estate in seven major cities in the region. 

Andrew Hungerford, partner at Hungerford Properties, said: “We are very appreciative of the strong support we have from our existing investors and pleased with the feedback from new investors as they work through their final stages of due diligence.”

The company said Western Canada was a diverse region that had outperformed the G7 for most of the last decade, with strong GDP growth, population increases and wealth creation.

Hungerford raised $120m (€111.6m) for its HPWC Opportunities Fund in 2013, backed by institutional investors from Asia, Europe and North America. 

The fund targeted Vancouver, Edmonton and Calgary, focusing on moderately leveraged commercial and residential properties with a value-add investment strategy.