US-based asset manager Townsend Group has raised $1.5 bn (€1.35 bn) for its global value-add real estate strategy, Townsend Real Estate Alpha (TREA).
The manager said its TREA fund received the capital commitments from US, Asian, and European investors.
The TREA strategy targets joint ventures, co-investments, secondaries, and recapitalizations across global developed markets and seeks to provide clients with diversification by geography, property type, and investment structure.
‘We appreciate the support of our historical investors and welcome many new investors in this endeavour. The TREA program continues to provide investors with differentiated exposure to global real estate opportunities and seeks to generate returns that are compelling on both an absolute and risk-adjusted basis,’ Terry Ahern, chief executive officer of The Townsend Group, said. ‘We are confident in the platform and team we have built to source specialized opportunities to drive value for our investors in a competitive and quickly evolving marketplace.’
Townsend opened the TREA strategy for the first time to European investors and saw increased interest from investors in both the U.S. and Asia.
The TREA strategy launched in 2007 and has deployed $6.2 bn globally as of December 31, 2019. The TREA strategy has executed 137 co-investments, joint ventures, and secondary transactions with over 70 real estate partners throughout Europe, Asia, and North and South America.
As of June 30, 2019, The Townsend Group had $18.4 bn in assets under management and $138.3 bn in assets under advisement.
