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Lubert-Adler RE Fund III Raises $850 Mil

NEW YORK CITY-The fund will invest in undervalued properties in metropolitan areas and then redevelop them. It expects to leverage its funding into $3 billion worth of real estate.

By John Howe | Updated on June 25, 2001

NEW YORK CITY-The third real estate opportunity fund of Lubert-Adler Partners, based in Philadelphia, has closed with $850 million that the firm expects to leverage into $3 billion in real estate investments. The company invests in undervalued properties in the Philadelphia region and in other metropolitan areas and then redevelops them.

The first of these funds was formed with $120 million and the second was established a year later with $300 million. Opportunity Fund II invested in 35 properties in nine states that had been owned by a bankrupt furniture chain as well as in 53 Montgomery Ward outlets. Since Lubert-Adler was formed in 1997, it has raised more than $1.25 billion in capital for opportunistic real estate investments.

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