Barings has raised $680m (€616.7m) for its first US life-science and technology-related office real estate fund.
The manager said the amount raised for the Barings Innovation and Growth Real Estate Fund exceeded its $500m target. It received capital commitments from public and corporate pension plans, insurance companies and endowments in the US and Europe.
Joe Gorin, head of US real estate equity acquisitions and portfolio management at Barings, said: “At Barings, we believe there is strong relative value for the highest quality office assets that attract high-calibre life science and technology tenants, who continue to drive advancements in healthcare and global economic growth.
“The leasing performance of this specialised subset of office has substantially outperformed the overall office market since the beginning of the pandemic.”
Barings already manages a $36.2bn US real estate portfolio in both equity and debt.
John Ockerbloom, head of US real estate at Barings, said: “We believe our team is well-positioned to find significant opportunities for our investors by balancing current dislocation in the real estate market with the continued growth we see in life sciences and STEM-based industries.
“We are pleased to have brought a differentiated offering to a broad and diverse group of institutional investors across regions.”
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