US privately-owned financial services firm Perella Weinberg is reportedly raising EUR 1.2 bn for its second European real estate fund, which is expected to hold its first close by March 2012.

According to reports in the UK press, the fund will feature the Government Investment Corporation of Singapore (GIC) among its major investors. The vehicle will invest in both real estate equity and debt and will be similar to the company's first fund in terms of size and investment strategy.

Earlier this year the New York based investor bought a portfolio of Spanish mortgage loans with a face value of EUR 290 mln from UK state-controlled lender Royal Bank of Scotland (RBS). The loan portfolio was sold for EUR 160 mln in cash, or a discount to face value of 45%, sources say.