OCTOBER 22, 2013

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DRA Advisors holds $450m first close

by Andrea Waitrovich

DRA Growth & Income Fund VIII, a value-added fund managed by DRA Advisors, has held a $446.5 million first close, according to a filing with the SEC.

DRA Growth & Income Fund VIII launched in May 2013 with a $1.35 fundraising goal. The vehicle invests in big-box retail, CBD office, community shopping centers, industrial, mixed-use, multifamily, power center retail, suburban office and warehouse properties in the United States. Recent investors include Texas Education Agency, which made a $75 million commitment in July 2013, and Ann Arbor (Mich.) Employees’ Retirement System, which made an $8.5 million investment in September 2013.

DRA's seventh value-added fund closed in 2011 with $1 billion, exceeding its $850 million equity target. The firm is currently investing its capital.

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