Joint venture partners Ofi Real Estate Investment Management and F&C REIT said they have raised EUR 197 mln of equity for their second real estate fund, Fosca II.

Institutional investors domiciled in Finland, France, Luxembourg, Netherlands, UK and Sweden subscribed to the closed-end fund, which is primarily focused on prime office buildings in Paris central business district (CBD) and French regional markets.

Fosca II is already invested up to 70% and has constituted a portfolio consisting of six Parisian buildings that comprise 34,000 m2. The vehicle aims to build up a EUR 400 mln portfolio of French assets.

'The positive response to Fosca II confirms that Paris prevails as a leading investment market,' commented Brigitte Sagnes Dupont, Ofi Reim's Executive Chairwoman.

The launch of the vehicle follows on the success of Fosca, a core+ fund which raised in excess of EUR 214 mln.