search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanChetrits have a problem in PassaicChetrits have a problem in PassaicHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
New York

Related collects $1B for distressed properties fund

Sovereign wealth funds, pension plans and endowments provided much of the cash

Stephen Ross Justin Metz One Madison Park
From left: Stephen Ross Justin Metz and One Madison Park in the Flatiron District

Stephen Ross’ Related Companies raised a cool $1 billion for a real estate fund designed to buy, refurbish and flip distressed properties.

The firm exceeded its fundraising goal for the endeavor, which was $850 million, the New York Times reported.

Sign Up for the undefined Newsletter

The fund is the second of its kind for Related, which raised $825 million in 2012 for a similar vehicle. The firm is using the money to buy and redeveloped One Madison Park in the Flatiron District, among other projects. The first fund’s manager, Justin Metz, will lead this one as well.

The cash for Related Real Estate Fund II came largely from institutional investors such as sovereign wealth funds, pension plans and endowments. [NYT] – Ariel Stulberg

Tags
Related Companies