Spanish asset manager Arcano has announced the launch of a new property fund targeting a size of €150-200 mln.
It is the group's second property fund following the launch in late 2016 of its first vehicle, ASOREF, which is currently fully invested with a €170 mln portfolio.
The new fund, AVA II, has a value-add risk profile and targets net returns of 15%. The vehicle has already raised €40 mln in equity commitments and expects to hold a first close at end March.
It will remain open for equity raising for another 15 months.
AVA II will focus on offices and residential assets in the main Spanish cities but it will also look for opportunities in Spain and in Portugal, for a maximum of 20% of the total portfolio.
