Northam Realty Advisors has raised CAD375m (€252.5m) from eight German and Austrian institutional investors seeking Canadian real estate.
The Toronto-based fund manager said the investors backed its Canadian Commercial Property Fund II.
Northam’s German placement agent, Selinus Capital, marketed the fund, which is focused on steady income distributions for European institutional investors.
The fund is investing in Canada’s largest and most liquid commercial real estate markets through a specialised Luxembourg fund.
Northam is investing in the office, logistics and high street retail sectors.
Six quality office, retail and logistics assets worth around CAD258m had been added to the fund’s portfolio by the end of the first quarter, with a seventh acquisition being prepared.
Northam has typically focused on Toronto, where more than 81.3% of its investments are located, according to its website.
The manager has invested mainly in the office sector, which, as of July, accounted for 91.4% of investments.