LONDON-Apollo Real Estate Advisors has raised $600 million and €535 million for its third European fund, setting up a $1.4-billion acquisition and development pool for the UK and Western, Central and Eastern Europe. Since the fund’s launch in July, Apollo European Real Estate Fund III has committed more than $1 billion of its pool.

The third fund officially closed Jan. 27, but word has just reached the street. William Benjamin, managing director of New York City-based Apollo Real Estate Advisors’ European operations, was unavailable for comment by press time. “We believe that current market conditions provide excellent investment opportunities for our business model,” he said in a press release, “and we look forward to continuing to deliver strong returns to our investors.”

The fund’s managers plan to invest about 40% to 60% of the fund in the UK, France, Germany, Switzerland, Italy and Spain. The UK and Western Europe each have been earmarked for 30% to 40% of the pool. The 20% to 25% balance will be deployed in Central and Eastern Europe. The target product is retail, office, industrial and residential.

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