Patrizia’s seventh pan-European property fund has received a further €384m in capital commitments as it nears its final close in early April.

The value-add TransEuropean (TEP) VII fund, which previously raised €250m, has now raised €634m in total, exceeding its €500m initial fundraising target.

TEP VII has a €750m hard cap target. The predecessor TEP VI fund raised €428.5m in May 2016.

The manager said fundraising is expected to continue through the first quarter of 2020, until the planned final close in April.

Patrizia said TEP VII, the largest fund in TransEuropean series, received capital commitments from investors the UK, the Middle East, Europe, the US and Asia.

The TransEuropean series of funds was first launched in 1992. 

The value-add TEP VII, which targets cash-flow driven strategies across office, industrial and residential sectors across Europe and the UK, has a €1.5bn investment capacity.

The manager said so far, just over €550m has been committed in 11 separate transactions across key European cities including Madrid, Paris, Barcelona, London and Berlin.

Paul Hampton, fund director of the TransEuropean series at Patrizia, said: “Needless to say, we are extremely grateful to our investors for their ongoing support and confidence in us.

”This is an exciting time for TEP VII and as we move into the final phase of the equity raise, we are looking forward to progressing the assembly of the portfolio as our teams across Europe continue to unlock compelling opportunities.”