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Monday, 13 February 2017

Meridian Group Raises $231.6Mln for Latest Value-Add Fund

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Meridian Group has raised $231.6 million for its second real estate investment fund.

The Bethesda, Md., investment manager got the ball rolling on the fund just less than two years ago, after it had raised $160 million of equity commitments for its first fund. Meridian also had raised some $510 million of co-investment capital for its initial fund, which is ultimately expected to generate investments with a total capitalization of some $1.8 billion.

The latest fund, Meridian Realty Partners II LP, includes a co-investment vehicle through which another $80 million was raised. Because the capital will be leveraged, and additional co-investment capital could be used, it could be used to make some $1.5 billion of investments. So far, it's deployed some $400 million of capital.

For instance, last summer it bought International Place, a 293,539-square-foot office property in Rosslyn, Va., for $106.5 million. It's renovating and...

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Institutional Investment (INS), Opportunity Funds (OPPY)
  • Private: Yes
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Dan Moynihan

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