CenterSquare Investment Management has raised $280m to invest in value-add rental housing and last-mile industrial assets in the US.
The manager said the CenterSquare Value-Added Fund V fund, which closed late last month, received $280m in total commitments, including co-investments.
The diversified commercial real estate fund raised capital from strategic relationships that re-committed to the fund series as well as several significant new investors, CenterSquare said.
CenterSquare Value-Added Fund IV, the predecessor fund, raised $155m at its close in 2019.
CenterSquare said Fund V targets built-for-rent, single-family rental housing and last-mile industrial sectors, mainly in the US Sunbelt region. Fund V also made an investment in the cold storage sector.
CenterSquare said the fund has so far completed 12 investments representing more than $100m of committed equity and $35m of co-investment. The deals made include an investment in the cold-storage sector.
Jeff Reder, managing director of private real estate and co-portfolio manager, said: “CenterSquare Value-Added Fund V is a testament to our strong conviction in those real estate sectors we believe are poised for growth due to significant, long-term secular tailwinds.
“Our investment approach has been rooted in comprehensive research, deep relationships and a disciplined process which we expect will serve our investors well as we deploy capital, create value and deliver attractive returns with this compelling portfolio of assets.”
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