Savanna Partners raises $105.3 million for third value-added fund
Savanna Partners has raised $105.3 million for its Savanna Real Estate Fund III, according to a filing with the Securities and Exchange Commission. The fund launched in August 2012 with a $650 million target goal. A final close date was not disclosed. The value-added fund will target distressed office properties in top-tier cities such as Boston, New York City and Washington, D.C., similar to its predecessors, Savanna Real Estate Fund I and Savanna Real Estate Fund II. Savanna Real Estate Fund I was launched in 2007 and raised $313 million, and Savanna Real Estate Fund II closed in April 2011 with $550 million raised, exceeding its $400 million fundraising target. Since inception in 1992, Savanna has invested more than $2.6 billion in total capital across 17.3 million square feet of real property across multiple asset classes and locations, representing $3.8 billion in total capitalization.