Exeter raises $352m for third industrial fund

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;