Australian real estate group Cadence Property has raised over $55m (€45.m) for its new multi-asset value-add fund and acquired the first asset for the vehicle.

The manager said the capital secured for Cadence Australian Real Estate Partnership I (CAREP I) exceeded the fund’s initial $50m fundraising target.

CAREP I has invested $13.9m to acquire a 23,626sqm industrial site located at 525 Geelong Road in Brooklyn, a submarket in Melbourne’s inner west.

The infill site is occupied by a container storage and logistics business.

Cadence said the fund, which is expected to target industrial assets, could also seek office and retail opportunities.

Cadence added that it expects to launch a second capital raise in the 12 to 18 months following the deployment of the current allocation.

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