Slate Asset Management has exceeded the €200m fundraising target for its latest European grocery real estate fund by €50m.

The manager said the Slate European Real Estate Fund III fund was oversubscribed and exceeded its fundraising target to reach its €250m hard-cap target at close.

The fund is the first Slate Europe fund to include European investors, who contributed 56% of capital (€140m), with another 14% from Asia.

Slate Europe III will target grocery-anchored real estate assets, the manager said.

Brady Welch, Slate Asset Management’s London-based founding partner, said: “During this unprecedented time of market disruption, we are pleased to close Slate Europe III at its hard-cap and are thankful for the confidence investors from diverse geographies continue to place in us as Slate expands its presence across Europe.

“We have been investing in last-mile logistics for some time and are proud to launch our third fund in the European grocery real estate space since 2016, a feat that underscores our commitment to the sector and validates the importance of last-mile solutions in the grocery real estate market.”