The Prologis European Properties Fund II (PEPF II) has received new capital commitments of EUR450m (USD610m) after opening to new investors for the first time.
Investor demand exceeded the offering amount and fundraising closed ahead of its mandated period.
In September, PEPF II accepted final capital commitments to reach the EUR450m (USD610m) equity cap for the offering, which includes EUR125m (USD167m) of additional capital committed by Prologis.
Approximately 70 per cent of the equity came from new investors.
Subsequent to the raise, almost half of the EUR450m has been deployed into acquisitions from Prologis and third parties.
"The strength of the equity raise reflects the fund's high-quality offering and the attractiveness of the European logistics market," says James W Green, managing director, global client relations, Prologis. "European logistics asset values are poised for sustainable growth with favorable supply/demand imbalances and positive rental growth expectations."
As of 30 June 2013, PEPF II owned more than 220 properties covering 5.2 million square metres (55.5 million square feet) across 12 European countries.