(Read more on the industrial market and more on the debt and equity markets.)
MORRISTOWN, NJ-Private real estate investment fund manager Hampshire Cos., which has amassed more than $1.5 billion in assets via its previous offerings, has launched Hampshire Partners Fund VII. The commingled, discretionary value-add real estate fund has already raised $350 million from 20 investors, including endowments, foundations and pension funds.
“Fund VII's investment strategy will focus on acquisition of properties in the Northeast and Mid-Atlantic regions,” says James E. Hanson II, Hampshire's CEO and president, who notes that industrial, retail and suburban office properties will all be targets. “Within these markets, the goal is to materially enhance the properties' value through such activities as repositioning asset-level cash flows by upgrading rent rolls, upgrading existing facilities, expanding existing buildings, adaptive re-use and conducting pro-active value-added management and leasing.”
Fund VII is currently 6.4% invested, having already acquired five unidentified assets with an aggregate value of more than $67 million. The fund will target overall portfolio leverage of 65%, which would factor out to a total acquisition goal in the $1 billion range.
“Many of our Fund VII investors are institutional investors that participated in our Fund VI $235 million offering,” Hanson says. “This is a sophisticated market that demands performance, value and results.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.