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Real estate fund

CenterSquare launches value-added fund III for institutional investors

CenterSquare Investment Management has launched CenterSquare Value-Added Fund III, which will invest in middle-market, transitional real estate assets in the US.

It will focus on the office, multifamily, retail, industrial, parking and hospitality sectors.
The fund, which is limited to qualified purchasers, is expected to raise USD500m with the first closing date anticipated in the second quarter of 2014 and the final closing date anticipated in the second quarter of 2015. 
CenterSquare says the fund plans to acquire properties with total capitalisations ranging from USD25m to USD75m.
The fund will implement a value-added strategy, focusing on acquiring and improving assets that require physical upgrades or revisions in their capital structures.  
"We believe that a middle market, value-add real estate strategy represents the most attractive space in the market for creating value and reducing risk," says PJ Yeatman, head of private real estate for CenterSquare.  "Fund III will be an acquirer of transition and a seller of stability."
CenterSquare will leverage the capabilities of its national network of local real estate operating partners to source, underwrite, and execute value-add investment opportunities. 

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