Sparinvest raises €153m in first closing of new fund

Denmark's Sparinvest Property Investors has raised €153 mln in the first closing of its latest global real estate vehicle, Sparinvest Property Fund III.

The fund has an equity target of €400 mln.

Two Danish pension funds - Laerernes Pension (Teacher’s Pension) and AP Pension - are among the fund's four founding investors.

Sparinvest Property Fund III will primarily invest in the Americas and Asia, and less so in Europe. The return target is a net initial return of 11 to 13%.

'We are proud of the support that our existing investor base has shown us. We expect to raise additional capital over the coming months and are involved in a number of promising conversations with both existing and new investors,' said managing partner Bo W. Jensen.

As part of the first closing, Sparinvest Property Fund III will commit to three managers and over summer a fourth investment is expected to follow. The first three investments are with two managers in the US and one debt manager in the UK.

Sparinvest Property Investors was founded in 2005 and is exclusively focusing on indirect real estate investing.

Sparinvest manages three global real estate funds with total commitments of €800 mln.