CenterSquare Investment Management has obtained $100 million in initial capital commitments for its latest value-add private real estate fund, which has a target of raising $400 million.
The initial close was supported by both returning investors and new participants, including institutions like public pension funds and corporate nonprofits. The fund intends to invest in middle-market real estate properties that are positioned to withstand long-term demand shifts, following a strategy similar to its predecessor. The specific name of the new fund has not been disclosed.
Jeff Reder, Managing Director of CenterSquare’s private equity real estate division and portfolio manager for the value-add fund series, expressed appreciation for the trust shown by both existing and new investors. He emphasized the company’s aim to capitalize on adjusted property valuations and utilize its expertise in sourcing and executing business plans to achieve favorable outcomes for investors.
In January of the previous year, CenterSquare announced that it had raised $280 million for the CenterSquare Value-Added Fund V, which closed in December. Fund V focuses on built-for-rent, single-family rental housing, and last-mile industrial properties, primarily in the U.S. Sunbelt region. The fund has also invested in the cold storage sector.
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By Proptechbuzz
By Ravi Kumar