CBRE Global Investors has raised $1.34bn (€1.13bn) of equity for its eighth value-added real estate fund in the US, giving it $3.3bn of purchasing power when including leverage.
The real estate investment manager said it had already acquired $2bn of office, multifamily, mixed-used and logistics assets, investing 59% of the equity raised.
CBRE Global Investors is hoping to generate 8% return once the assets are stabilised, it said.
The equity for the fund was raised from 25 institutional investors from the US, Europe, the Middle East and Asia.
Last month, IPE Real Assets reported that CBRE GI was close to raising $1.5bn for the fund, the latest in a series of US value-add funds.
The Strategic Partners US programme has raised $9.1bn in equity for 11 funds and three co-investment vehicles over the past 17 years.
Robert Perry, portfolio manager for the fund, said: “Our team is focused on executing a cycle-aware investment strategy with an emphasis on creating and maximising the value of under-leased and under-managed assets through our operational expertise.
“We have already made significant progress in this strategy.”