Westcore has garnered $550m (€496) capital from two new separate account clients, enabling it to acquire up to $1.25bn worth of US industrial assets.
The manager said it received the capital from a major US state pension fund and an unnamed national insurance company. Westcore will be investing $100m of its own capital as a co-investment into the investment plan.
Don Ankeny, president and CEO of Westcore Properties, said: “Our investor base has continued to expand and diversify, giving us current purchasing power of $1.25bn over our near-term deployment horizon.”
Marc Brutten, chairman for Westcore Properties, said: “We are excited to embark on the next expansion phase of our business targeting new geographies, asset management platforms and asset consolidations in the industrial, warehousing and distribution sectors.”
Westcore intends to target existing core-plus and value-add assets as well as some new development opportunities.