NORTH AMERICA – KTR Capital Partners has raised more than $450m (€340m) over its initial target for its KTR Industrial Fund III.

The real estate manager has had a final closing and raised a total of $1.2bn of equity for the fund. 

Its original target was $750m.

Jeff Kelter, chief executive at KTR, said: "We have been fortunate to have strong support from a core group of partners throughout our first three funds.

"That support has, in turn, helped us to attract a great group of new investors we hope will be with us for a long time to come."

KTR attracted a wide range of investors including public and corporate pension funds, foundations, endowments and other institutional investors.

Investors included $50m commitments each from the Ohio Bureau of Workers Compensation Board and the Orange County Employees Retirement System, $40m from the Kansas Public Employees Retirement System and $100m from the Employees Retirement System of Texas.

Fund III is a value-added fund that will invest solely in industrial properties, primarily in the US. 

KTR said the assets would be located in markets with major barriers to entry.

The company expects to invest in a range of deals, including buying existing properties and starting new development projects. 

The manager itself will do all of the work on these projects.