London-based real estate investment management company Blue Noble is raising capital for a new property fund to invest in the U.K. and western Europe, the Financial Times reported.

Blue Noble is backed by Swiss asset and wealth manager Woodman Group, which has invested $100 million in the fund and has also given Blue Noble control of a $450 million portfolio.

Blue Noble expects to at least double the initial capital through investors and then use leverage to take the fund to roughly $500 million, the publication noted, citing CEO Paul Forshaw.