An unnamed European institutional investor has committed €50m to Rockspring Property Investment Managers’ pan-European core real estate fund.

Rockspring said it was looking to raise a further €100m for PanEuropean, an open-ended vehicle that was established in 1973.

If successful, the company expects to increase the value of the fund to €650m.

PanEuropean recently acquired the 10,000sqm Coca-Cola headquarters in Berlin for €59m, and bought a 500sqm high street unit in central Paris for €26m.

Flavio Casero, partner at Rockspring and fund manager of PanEuropean, said: “With an already stable LP base, most of which has now been with PanEuropean for over 10 years, this fresh equity from a new investor represents a further strong endorsement of the fund and its core, evergreen strategy, and is a significant step forward in achieving our current capital raising objective.”

Casero said the fund was targeting a dividend yield of at least 5% and a net return of more than 7% “by targeting enduring locations across western and northern Europe, where supply-demand dynamics support further growth over time”.

Rockspring has a €250m pipeline of acquisitions, he said, including “mostly off-market offices in Amsterdam, distribution centres in the Netherlands, urban logistics assets around major European cities, and student housing in the Nordics”.