London-based private equity real estate firm Europa Capital has announced a first close of €100 million ($132 million) on its new fund focused on the emerging markets of Europe.
The firm hopes to double the number of commitments before the fund’s final close and will eventually have €600 million in investing power.
Europe Emerging Europe Fund will invest in opportunistic real estate investments in Eastern and Southeastern Europe, including Romania, Bulgaria, Ukarine, Turkey and the Western Balkans.
Tim Norman will head up the new vehicle. Norman has invested in Central and Eastern Europe for more than 14 years as a senior banker with the European Bank of Reconstruction and Development, according to a statement released by the firm.
The fund will be Europa’s fifth property fund. Since 1995, the European-focused firm has committed to more than 50 deals in 14 countries totaling more than €3.5 billion.