JER Closes $1B European Fund

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McLEAN, VA-JER Partners, the global real estate investment arm of the JE Robert Cos., has closed its JER Europe Fund III, after having raised $1.1 billion, or €809 million, from investors in Europe, North America, Asia and the Middle East. With leverage, the fund’s total buying power will be up to $5.4 billion.

Already JER Europe Fund III has committed to 13 transactions with an all-in cost of $1.1 billion, or €786 million. One transaction was announced in February–the acquisition of three commercial properties for €18.5 million in the north of Germany from a German mortgage bank. The trade was made in a joint venture with International Property Asset Management GmbH (IPAM), the German-based asset management company, in order to develop a German commercial property portfolio, as reported in GlobeSt.com.