Invesco Real Estate has so far raised almost three-quarters of a €750m fundraising target for its second pan-European value-add vehicle.

Announcing the third close for the European Value-Add Fund II (EVAF II) fund, Invesco said it received €550m in capital commitments from 18 European, UK and US investors. Invesco said 90% of investors from the predecessor fund have committed to EVAF II.

The fund has so far made four investments in the logistics and residential real estate sectors in Central Europe, Italy and Spain. With leverage, the EVAF II fund is expected to have up to €1.9bn to invest.

Invesco said the intends to invest its remaining 82% of dry powder over the next three years into opportunities created by changing market conditions, including the impact of COVID 19.

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