German institutions have backed AEW’s latest European value-add property fund to raise €210m at first close.

AEW Europe Value Investor (EVI) II, which targets a €500m, will ultimately have a total investment of around €1bn with leverage. The predecessor fund raised €410m in 2016.

Carsten Czarnetzki, fund manager of the EVI series, said the €210.5m raised by the fund will enable the fund to invest about €400m, adding that the fund is expected to hold further closings this year.