Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company with $3.5bn (€3.2bn) of assets under management, has completed capital raising for its Continental Realty Opportunistic Retail Fund I (CRORF).
CRC raised $200m for the closed-ended fund and a further $40m for two co-investment vehicles.
CCRC said CRORF was formed to create to acquire a diversified portfolio of distressed, opportunistic and value-add retail properties throughout the US.
“This equity for the CRORF provides our team with the ongoing capacity to acquire national shopping centres that satisfy our investment profile, and to continue executing our proven strategy to deliver strong risk-adjusted returns to our investor group,” said JM Schapiro, CEO of CRC.
“Having invested in shopping centres since 1979, we know that using our vertically integrated platform, along with our commitment to cutting-edge data sources, our deep understanding of the retail industry and long-term relationships in the market will present an extraordinary opportunity in coming years to invest in quality retail real estate that will deliver strong returns.”
CRC’s senior vice president Josh Dinstein added: “Our team believes the open-air retail asset class remains underappreciated, and we intend to deploy capital into a favourable investment environment.
“The expected outlook for CRORF is extremely bright as we continue to tap into our proprietary sourcing channels to uncover compelling investment opportunities with mismatched risk-return profiles.”
To read the latest edition of the latest IPE Real Assets magazine click here.