Fundraising - JANUARY 8, 2014

Exeter raises $352m for third industrial fund

by Reg Clodfelter

Exeter Property Group has raised $351.5 million for its third industrial fund, Exeter Industrial Value Fund III, according to a filing with the SEC. The fund launched in September 2013 with a $675 million fundraising goal that has since been raised to $792.5 million. No target close date has been disclosed.

The value-add fund, following its predecessors’ strategy, will acquire, reposition, develop, operate and sell industrial and business park assets in the United States. Unlike Exeter Industrial Fund II, the third fund will also invest in select Canadian markets such as Vancouver, Calgary and Toronto. More specifically, the industrial fund will focus on big-box warehouses that lease to national consumer goods and logistics operations; multi-tenant industrial or regional/metro warehouses; and suburban office properties that typically lease to biotech/pharmaceuticals, technology and defense.

Recent institutional investors in the fund include the Ohio Police and Fire Pension Fund, which committed $50 million to the fund in November 2013, and the Pennsylvania Publix School Employees’ Retirement System, which committed $75 million to the fund in December 2013.

Founded in 2006, Exeter Property Group is a real estate investment management firm that specializes in the acquisition, development, leasing and management of industrial and related business park properties across the United States through an array of investment products including separate accounts, co-investments, joint ventures and its three value-add funds.

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