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Fund will follow the same strategy as the joint venture’s second vehicle, with the aim of building a diversified pan-European portfolio of loans across real estate asset classes.
A November report from the European Commission estimated total NPL volume in the EU to be €820bn.
Investor interest in Asia-Pacific real estate debt is increasing, but these two markets stand out.
Global investors are targeting debt as well as opportunistic and value-add investing, the consultancy says.
The firm’s latest credit vehicle has already significantly outpaced its predecessor fund, which closed on $695m.
The fund will deploy capital in Europe and North America.
The asset manager has an additional €100m of commitments to its lending vehicle in the pipeline.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.
Debt strategies will continue to play an important role in the coming years, despite the volume of capital raised for property credit funds dropping sharply in 2018.
Capital raised for real estate debt funds with a European focus fell to $5.74bn last year – down 46% from its 2017 high, Real Estate Capital data show.
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