The third fund officially closed Jan. 27, but word has justreached the street. William Benjamin, managing director of New YorkCity-based Apollo Real Estate Advisors' European operations, wasunavailable for comment by press time. "We believe that currentmarket conditions provide excellent investment opportunities forour business model," he said in a press release, "and we lookforward to continuing to deliver strong returns to ourinvestors."

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

According to the Apollo release, the fund's roster is made up ofnew and existing investors. The general description covers allbases: a mix of large institutional investors, pension funds,insurance companies, financial service firms, universities,foundations and charitable trusts from the US, Europe, Middle Eastand Australia.