High Street Realty raises $353m for new industrial fund
High Street Realty Company has raised $353m (€322m) for its fifth industrial real estate fund.
The High Street Real Estate Fund V was backed by US and European institutional investors.
The real estate manager did not comment.
One of the investors in the fund is the State of Wisconsin Investment Board, which committed $75m, representing 21% of total commitments.
The fund attracted new and existing investors, including insurance companies, public and corporate pension funds, and foundations.
The capital raise for was carried out with Accord Capital Partners and its affiliate Accord Europe.
High Street Realty plans to acquire $700m of properties for the fund, using 50% leverage.
The real estate manager has purchased 19 assets for the fund, representing around 34% of the fund’s total commitments.
Fund V has a specific focus on buying class-A and class-B infill industrial properties fulfilling regional and last mile logistics requirements in the eastern two-thirds of the US.
It targets the primary distribution markets of Chicago, Northern New Jersey, Central Pennsylvania, Atlanta, Florida and Texas.