Crown Realty Partners has raised an initial C$140m (€91m) for its fifth value-add real estate fund.

The Canadian real estate investor has launched the Crown Realty V (CR V) fund and completed its first closing with capital commitments from both institutional groups and family offices.

The fund expects to complete its final closing later this year, Crown Realty said, adding that it is concurrently investing on behalf of its fourth value-add fund.

The manager said in line with the predecessor funds’ value-add strategy, CR V will focus on commercial real estate assets with value enhancement opportunities located within Canada’s primary office markets, especially the Greater Toronto Area and the Greater Ottawa Area.

Emily Hanna, a partner in charge of investments for Crown Realty, said: “We are privileged to have the continued confidence of our long-term investors and are excited to work diligently to provide enhanced returns and value to our investors as a responsible fiduciary of their capital.”

Les Miller, managing partner at Crown Realty, said: “Despite how pleased we are to announce the initial closing of Fund V, we recognise the disruption and hardship the pandemic is causing for businesses and their employees.

“We know there will continue to be challenges in the days ahead, but we are confident that the deep team we have built at Crown over the past 20 plus years is prepared to tackle them.”

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