CenterSquare Investment Management has received an initial $100m (€90.3m) in capital commitments for its latest value-add private real estate fund, which aims to raise $400m.
The real estate manager said the fund’s first close was backed by investors who have recommitted to the fund series as well as new investors, including institutions, such as public pension funds and corporate nonprofits.
The fund expects to create value by investing in middle-market real estate properties that are resilient to secular demand shifts, following the strategy of its predecessor, the manager said. The name of the fund was not disclosed.
Jeff Reder, managing director of CenterSquare’s private equity real estate vertical and portfolio manager for the value-add fund series, said: “We appreciate the trust that existing and new investors have put in our investment team, and we look forward to continuing to capitalise on reset valuations and leveraging our competitive advantages in sourcing and business plan execution to deliver results for our investors.”
As reported in January last year, CenterSquare raised $280m for the CenterSquare Value-Added Fund V fund, which closed the month before.
At the time, the manager said CenterSquare Fund V targets built-for-rent, single-family rental housing and last-mile industrial sectors, mainly in the US Sunbelt region. CenterSquare said Fund V also made an investment in the cold storage sector.
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