Centerbridge Seals $2.3B Real Estate Fund

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Centerbridge Partners has closed its second real estate fund with $2.3 billion in capital commitments, the company announced today. The first fund was closed in December 2018. 

Called Centerbridge Partners Real Estate Fund II, the new fund will target investment opportunities across the self-storage and specialized storage, digital real estate, industrial and logistics, and residential sectors, with a focus on leisure and experiential real estate. 

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Centerbridge says it has invested more than $10 billion of equity in real estate properties, companies, loans and securities across its platform in the past 15 years. Led by William Rahm, a senior managing director and the head of real estate at Centerbridge, the firm’s real estate team currently manages approximately $3.2 billion in dedicated real estate assets.

“We are pleased to close our second real estate fund, which marks an exceptional milestone for our real estate platform,” Jeff Aronson, co-founder and managing principal of Centerbridge, said in a statement. “We are thankful for the strong support of our new and existing investors as we continue to build on the performance of our first fund.”

Centerbridge Partners Real Estate Fund II was originally targeted at $1.5 billion, representing a more than 150 percent increase in committed capital compared with Centerbridge Partners Real Estate Fund I. 

“We continue to see real estate markets evolve, as technology accelerates demand for asset classes from logistics to digital real estate and impacts how companies serve customers in residential, storage and leisure sectors,” Rahm said. “The flexibility of our strategy and the breadth of our team’s capabilities position us well to invest strategically in this dynamic environment. We look forward to identifying a diverse range of investments where we see strong growth and an opportunity to create significant additional value for our investors.”

Emily Fu can be reached at: efu@commercialobserver.com.