Lincoln Property Company has secured an initial $280m $280m (€239.1m) for its latest US industrial real estate fund, which is seeking to raise a total of $1bn.
The manager said the Lincoln Logistics Fund II fund was backed by two of its longstanding investors, US public pension plans, alongside Lincoln’s majority owner, Stone Point Capital and Lincoln employees.
As previously reported, Oregon Public Employees Retirement Fund has approved a $100m (€87m) commitment to the fund.
Gary Kobus, co-head of logistics and senior managing director at Lincoln Property Company, said: “We are grateful for the conviction shown by our investors at this initial close and are energised by the current pipeline of opportunities for the fund.
“We are taking full advantage of our on-the-ground market knowledge across the US to seek to generate value for our investors as we deploy this capital.”
Fund II is a value-add fund with the flexibility to pursue new development projects or acquire existing assets. The fund is capped at 35% for development and will primarily target last-mile and multi-tenant investments across the country.
Fund II has already acquired one asset and has been awarded two additional properties. These investments are located in the fund’s target markets of South Florida, Dallas and Chicago.
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