Banca Nazionale del Lavoro, the Italian bank, has raised €173m ($152m), more than €20m ahead of expectations, for its new Portfolio Immobiliare Crescita real estate fund.

The fund's objective is to bring investors a net return in excess of 7.5% by taking a view on sub-prime real estate in Florence, Bologna and Venice, as well as certain districts in Milan and Rome. Just under a year ago, Banca Nazionale raised €215m for a fund investing in prime property, offering investors a yield of 5.5%.