NOVEMBER 13, 2012

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Harrison Street raises $391 million for core fund

by Andrea Waitrovich

Harrison Street Real Estate Capital (HSRE) has raised approximately $391 million for its Harrison Street Core Property Fund, according to a filing with the Securities and Exchange Commission. The open-end core real estate fund was launched in November 2011 and is expected to reach $600 million of equity commitments by year-end. Investors in the fund include U.S. and international pension plans.

Harrison Street Core Property Fund is the industry’s first open-end core fund dedicated exclusively to investing in stabilized, income-producing properties in the student housing, senior housing, medical office and self-storage segments of the U.S. real estate market. The fund will cap its leverage at 40 percent across the portfolio and will seek to provide investors with annual average gross returns of 9 percent to 10 percent.

HSRE expects the fund will benefit from the exclusive relationships that the firm

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