Threestones Capital Management has raised €450m for its third healthcare real estate fund.

The manager said the Eurocare Real Estate fund, which set out to raise €300m, was oversubscribed at final close.

With leverage, the fund has almost €900m to invest in healthcare properties.

The manager said the fund already completed 38 acquisitions in Germany, Italy and Spain and intends to acquire a further 15-20 assets in the next months.

Launched in 2016, the core fund targets a net internal rate of return of 10-12%.