Harrison Street has raised over €800m for its third European alternative real estate fund.

The fund manager said Harrison Street European Property Partners III was backed by more than 25 institutional investors from around the globe.

As previously reported, West Virginia Investment Management Board approved a €30m commitment to Harrison Street’s European property fund.

Harrison Street said 75% of Fund III’s capital has already been committed. The fund’s portfolio includes life sciences assets in the UK as well as build-to-rent and student accommodation in the UK, Ireland and Spain.

Paul Bashir, CEO of Harrison Street Europe, said: “The successful closing of Harrison Street European Property Partners III, Harrison Street’s largest European-focused fund, amid the global pandemic, reflects the resiliency of our asset classes, the strength of our investment platform, and confidence placed in us by our global investors, both existing and new.”

Bashir said the firm’s first alternative European fund, a 2015 vintage, is under contract to sell its remaining seven assets in the coming weeks, which will result in that fund being fully realised ahead of schedule and with projected returns well ahead of target.

Christopher Merrill, Harrison Street’s co-founder, chairman and CEO, said: “We are grateful for our investors’ strong support as we continue to execute on the significant opportunities in front of us and pursue consistent performance across the portfolio throughout market cycles.”

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