Invesco launches fourth US property fund
The real estate arm of global fund manager Invesco has launched a fourth fund investing European institutional capital in repriced US commercial property, after raising $120m. The Luxembourg-domiciled fund raised the equity from four institutional investors, including two investors from Germany's MEAG Munich ERGO AssetManagement gmbh (MEAG). A first acquisition is expected shortly, Invesco said. With a maximum gearing of up to 60%, the initial investment provides Invesco with about $275m of purchasing power. The company is seeking to raise an additional $380m before a second closing of the fund in second-half 2010.