A group of institutional investors have backed CBRE Global Investors to raise €1bn for a second European value-add strategy.

The $101.7bn manager said Europe Value Partners 2 (EVP2) received the equity commitments from institutional investors from Europe, North America, Asia and the Middle East at final close. The first European value-add fund raised $840m at close in February 2016.

In July Last year, IPE Real Assets reported that the Teacher Retirement System of Texas was among investors committing to CBRE GI’s EVP2 fund.

EVP2 pursues a reposition-to-core and develop-to-core strategy and has the ability to invest in all sectors with a Pan-European remit, which includes the UK.

The manager said EVP2 has already committed €200m of equity in three deals in the high street retail and logistics sectors, with a further investment due to close imminently.

The countries targeted to date are Spain, Denmark and France.

Charles Baigler, the fund manager for Europe Value Partners, said: “This has been a truly global effort with capital raised on three different continents. We are delighted to receive this support from investors of such diverse geographies.

“We launched the Europe value add series three years ago and have demonstrated our ability to create value in the European market. We believe we have a competitive sourcing advantage due to the model we have adopted, which uses both in-house expertise spanning 15 countries across EMEA and selected local operating partners.”

Sophie van Oosterom, the EMEA CEO of CBRE Global Investors, said: “Our operating model combines local teams with strong sector specific expertise. This in-depth sector knowledge assists the EVP2 team to thoroughly assess value add opportunities sourced both internally and by third parties throughout EMEA.

”The successful capital raise for EVP2 is a good example of the confidence our investors have in us to create consistent outperformance for them as a result.”