Longpoint Realty Partners has raised $225m (€209m) for its US grocery-anchored shopping centre fund, exceeding an initial $200m target.
The manager said Longpoint Specialty Grocer Fund I was backed by a diverse mix of institutional investors.
As previously reported, the Texas Permanent School Fund issued $75m to the vehicle which buys core specialty grocery-anchored neighborhood shopping centres.
The fund targets investments specifically with grocery tenants catering to the unique shopping preferences of a neighbourhood’s ethnic, racial, or multicultural population and situated in high-growth markets like Florida, Texas and California.
To date, Specialty Grocer Fund I has invested $166m to buy eight properties in Dallas, Miami, Orlando and Los Angeles, Longpoint said, adding that once fully deployed, the fund’s portfolio is expected to consist of 17 to 20 shopping centres nationwide.
Dwight Angelini, managing and founding partner, said: “The shopping centres we invest in serve as the hearts of our communities, providing critical necessity-based goods and services, which insulates these properties from macroeconomic disruption.
“The investor interest we have received amid this challenging market reflects the confidence our investors have in our team and this strategy. We look forward to welcoming these new assets to the Longpoint neighbourhood as we leverage our experience, background and networks to create value for all of our stakeholders.”
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