Memphis (Tenn.) Light, Gas & Water (MLGW) Division has committed $25 million to Heitman Value Partners V, a value-add fund managed by Heitman.
The fund opened to investors in February with a target of $1 billion in capital commitments.
Heitman Value Partners V will invest across the traditional property spectrum, focusing on industrial, multifamily and single-family rental, medical office, self-storage, and student-housing properties, like its predecessor. Fund IV held a $1.1 billion final close in February 2019, surpassing its target of $750 million. Heitman Value Partners III raised $690 million of capital prior to that.
MLGW has been actively investing in value-add real estate as of late. This month the fund also committed $25 million to TerraCap
