[ad_1]
Harrberg Street, an investment firm that buys and sells educational, health and storage assets, has raised $ 1.3 billion for its seventh US real estate fund, Bloomberg said.
Christopher Merrill, chief executive of the company, said in an interview that the company had exceeded its initial target of $ 950 million for the fund and raised an additional $ 302.5 million in mutual investment instruments, bringing its expected purchasing power of about $ 4 billion, including debt.
"We are focusing on the needs-based and demographic-related critical properties, such as the aging of the population, university enrollment and the number of mobile populations," Merrill said. He described Harrison Street's strategy as a "non-dynamic investment", resilient in times of recession and able to outperform traditional real estate sectors.
Net operating income of student real estate funds and 5.3% for health care funds increased 7.4% during the recent recession, as funds in the funds declined retail, office and apartment businesses, according to Harrison Street.
He predicted that more than half of the Fund's investments would be seniors, life sciences and medical practices.
The fund has already invested in the development of a community of 180 units of independent living and memory assistance in San Diego, California.
The number of people aged 75 and over within five miles of the community is expected to increase by 25% by 2023.
The fund also acquired a fully leased facility for life sciences and agreed to develop another facility in West Cambridge, Massachusetts, where the company had previously invested. Pfizer Inc. is a tenant in the Greater Cambridge Area. Novartis International AG and LabCentral.
The fund's founding investors include the Texas Teachers' Retirement System and the Texas County and County Retirement System, according to data compiled by Bloomberg. Existing investors contributed 65% of total capital, known as Harrison Street Real Estate Partners VII LP.
Harrison Street, a Chicago-based company, was founded in 2005 and manages about $ 21.5 billion. It invests in the United States and Europe. The company sold 75% of its stake in Colliers International Group Inc. last July. The owners of Harrison Street, including Colliers, have invested about $ 20 million in its latest funds.
Source link
