Berwind Property Group Closes $384 Million Real Estate Fund.Business Editors/Real Estate Writers Daniel M. DiLella, President and Chief Executive Officer of Berwind Property Group ("BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group "), announced today the closing of the firm's sixth value-added real estate fund, BPG Investment Partnership VI, L.P. ("Fund VI"), with total equity commitments of $384 million. Investors include public and corporate pension plans, endowments, foundations, financial institutions and high-net worth individuals. BPG committed $30 million of its own capital to the fund. Fund VI will target investments in a broad range of real estate in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , including office, multi-family, industrial, retail and hotel. "We are extremely pleased with the confidence exhibited by our existing investors in Fund V who elected to join us again in Fund VI, and we are excited to welcome 11 new institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , as well," said DiLella. The final closing of Fund VI marked the end of a ten-month fundraising
"We are confident that we will be able to continue the successful execution of our investment strategy and produce the targeted returns for our partners," said Arthur P. Pasquarella, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BPG. "In today's environment, we believe there are a great deal of opportunities for a strong, results-driven operator and developer such as BPG." BPG has a long and highly successful history as an advisor to institutional real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. . As with its prior investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company , BPG will seek investments in which value can be enhanced through intense operations and asset management. BPG will also seek to employ its broad-based experience and creativity in structuring a wide spectrum of real estate investments, including direct purchases, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. equity investments, joint venture acquisitions and development projects. In executing its investment strategy, BPG delivers to its investment partners a real estate investment portfolio that is diversified diversified (di·verˑ·s by product, geography and risk profile. BPG's hands-on operating approach, experience and performance record combine to distinguish the firm from traditional real estate managers. About Berwind Property Group, Ltd. Berwind Property Group, Ltd. is a Philadelphia-based, privately held real estate investment firm with strong operational and development expertise. The Berwind portfolio approximates 24 million square feet of office, residential, retail, hotel and industrial properties located throughout the United States. For additional information on Berwind Property Group, please contact: Arthur P. Pasquarella Daniela Spaventa Chief Operating Officer Senior Vice President - Client Services 215-575-2432 215-575-2452 |
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