Praedium Fund Looks to Acquire $2B in Assets

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NEW YORK CITY-Looking to acquire $2 billion in real estate assets, locally based Praedium Group LLC closed its $700-million real estate private equity fund, the Praedium Fund VI LP. Praedium executives say the fund will invest in mid-cap assets throughout the US and Canada in the $10-million to $70-million range. They intend to go after multifamily, office, retail and industrial property types.

Praedium president Russ Appel says the fund will target markets where Praedium has previously been successful. “We have a long historical and a strong expertise in value-added middle market properties across the US. We’d like to continue to capitalize on this strength.” The fund, in a joint venture of locally based ScanlanKemperBard Cos., acquired 536,500 sf within the Amberglen Business Center for $54.82 million or $102 per sf.