Invesco launches fourth U.S. property fund

* Announces first closing after raising $120 mln

* Expects first acquisition shortly

LONDON, March 22 (Reuters) - The real estate arm of global fund manager Invesco (IVZ.N) has launched a fourth fund investing European institutional capital in repriced U.S. commercial property, after raising $120 million.

The Luxembourg-domiciled fund raised the equity from four institutional investors, including two investors from Germany's MEAG Munich ERGO AssetManagement gmbh (MEAG). A first acquisition is expected shortly, Invesco said.

With a maximum gearing of up to 60 percent, the initial investment provides Invesco with about $275 million of purchasing power.

The company is seeking to raise an additional $380 million before a second closing of the fund in second-half 2010.

The fund is seeking investments across traditional property sectors including office, retail and industrial. It will have a three-year investment phase with a planned lifespan of 10 years.

"Now that the U.S. investment markets are starting to stabilise, we believe it is the ideal moment for our institutional investors to continue to invest in this marketplace," said Steffen Pilopp, Invesco Real Estate's U.S. fund manager said.

Invesco Real Estate's U.S. portfolio of funds for institutional investors currently comprises 17 properties worth more than $820 million. (Reporting by Sinead Cruise; Editing by Andrew Macdonald) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)