Valor Real Estate Partners has extended its partnership with the real estate arm of insurer AIG by setting up a second value-add industrial fund.

The pan-European logistics group together with AIG Global Real Estate have launched Valor Industrial Partners 2 (VIP2).

VIP2 will have more than £300m (€343.3m) of purchasing power including leverage.

Valor said the latest fund will continue to pursue a value-add strategy similar to its predecessor, VIP1, investing in and selectively developing logistics and industrial real estate in the UK and Continental Europe.

Last October Valor joined forces with AIG to launch a new long-term investment fund called Valor Industrial Partners 1.

 Valor said VIP2 has acquired three modern warehouse units in Dartford, East London totalling 135,000sqft. The transaction takes the value of Valor’s Greater London portfolio to around £150m.

Christian Jamison, a managing partner at Valor, said: “We are delighted to have launched our second vehicle with AIG Global Real Estate, and look forward to continuing to grow the partnership.

“Our clear strategy and hard work has enabled us to capitalise on opportunities in the market and to deploy capital quickly. The launch of VIP2 means that we can continue this growth trajectory.”

Kevin Reid, chief operating officer of AIG Global Real Estate, said: “This partnership represents an important component of our global industrial strategy, and complements our existing pan European activities in the office, industrial, residential and student accommodation sectors.”

London-based Valor was formed in 2016 by Jamison, the former chief executive of Delin Capital Asset Management, along with KTR Capital Partners founder Jeffrey Kelter.