Mercer Real Estate Partners has raised £235m (€281m) for its second UK-focused property fund.

The private UK-based company closed its Mercer Real Estate Partners II vehicle with backing from investors in North America, the UK and Europe.

Mercer co-founder Brandon Hollihan said recent political events in the UK – which recently voted to leave the European Union – may have “brought forward a correction that was already developing in certain sub-sectors”.

He added: “There should be significant opportunities during this investment cycle to strategically invest at attractive values.”

Mercer, also founded by Michael Kovacs, typically focuses on office repositioning.

Atlantic-Pacific Capital served as global placement agent for Mercer during the capital raise.