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Benson Elliot Capital Management has raised more than £500 million to be used on under-performing commercial property assets.
Benson Elliot Real Estate Partners III closed having generated £510 million (£457.2 million).
This fund is double the size of previous funds and is set to invest in assets including commercial property.
Marc Mogull, managing partner at Benson Elliot, said the current business environment favoured the firm, which has "the capability and experience to take advantage of market upheaval".
The company is particularly interested in UK commercial property. Mr Mogull admitted the firm had stood back form the market but was now keen to reinvest.
Investors are increasingly looking at the UK market, hoping to judge when it reaches a low point.
"Buying a quality building below the cost of replacement gives me a lot of comfort," Mr Mogull told the Financial Times.
Falling interest rates could help buyers source cheaper credit – the Centre for Economic and Business Research has said it thinks rates could fall to zero per cent.
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