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CIM Group raises $450 million for seventh fund

by Andrea Waitrovich

CIM Group has raised $450.1 million for its CIM Fund VIII, according to a filing with the Securities and Exchange Commission. The opportunistic fund launched in December 2012 with a $2 billion fundraising goal.

CIM Fund VIIIwill develop and redevelop properties in major markets. The fund focuses on CBD office, hotel, multifamily and retail properties.

The seven previous funds set up by CIM fell into one of three categories: opportunistic real estate (Funds I, II and III), core real estate (Funds IV and VI) or infrastructure (Funds V and VII).

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