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LONDON-Benson Elliot Capital Management, a private-equity real estate investor, has closed a €510 million fund ($651.3 million) that will focus on buying distressed asset in the UK, Germany and other markets. The fund, called BEREP III, was launched during last year’s third quarter and fulfilled its goal by more than €10 million.

The new fund follows BEREP II, which has invested €150 million in six European countries, with France and Germany getting the bulk of the capital. BEREP II and BEREP III now have access to €600 million in capital combined and €2 billion in buying power, management says.

Marc Mogull, managing partner at Benson Elliot, stresses that finding the right deals won’t happen over night. “Patience will be a virtue in this downturn, because there will be no shortage of opportunities and recovery won’t come quickly,” he says in a press release. “Our approach is not vulture investing, it’s value investing.”

Among Benson Elliot’s acquisitions last year was the purchase of €42.5 million of mezzanine debt supported by a hotel portfolio in Germany with GEM Realty Capital, an affiliate of Blackstone Real Estate Partners. About a year ago it took a 60% stake in Karolyi Istvan City Centre, a 1.5-million-square-foot mixed-use project under development that has a projected value of €220 million.

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