The new fund will only invest within the Eurozone, which rules out investment in UK property. Initially it will target the office and retail sectors in France, Germany, Italy, Spain, Belgium, Austria, Portugal and Finland.

Charles Foster Taylor, Chief Executive of Lend Lease Real Estate Investments said the new product was designed to sit between Lend Lease's institutional-grade limited partnerships, which invest in its major shopping malls, and the more opportunistic approach of its Lend Lease Global Properties SICAF.

In the USA, capital raising is currently under way for a fifth Value Enhanced Fund, with $250 million already committed.

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