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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.

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

To date, the pool has funded a joint venture with Multi Turkmall, purchasing the Merter shopping center in Istanbul for $380 million or €260 million and earmarking $470 million or €325 million for further development. Apollo also joint ventured with the Citrus Group to acquire a portfolio of 15 care homes north of England from Southern Cross Healthcare Group plc in a sale-leaseback for $185 million or €95 million. Also, the investment group has structured a joint venture with Taurus Eurasia to buy and redevelop residential and commercial properties in Istanbul.

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