PHOTO
Dubai: Earlier this month, Arden Group announced the final close of the firm’s third fully discretionary equity fund, Arden Real Estate Partners, III L.P., at $500 million. Greenstone Equity Partners supported Arden in achieving fund closure by raising capital from its network of GCC-based institutional investors.
Craig A. Spencer, Arden’s CEO, stated “although the global pandemic slowed fundraising, we are pleased that we were able to reach the fund’s hard cap, exceeding our initial target of $300 million by $200 million or 66%, with approximately 60% of the capital raised from institutional investors.”
Taking advantage of the the dislocation created by the global pandemic, the fund has already deployed $350 million to make opportunistic acquisitions in all three of its verticals: light/last mile industrial, office and hotel. David Eberle, Managing Director, Arden Group commented “Greenstone’s Dubai based team provided tremendous support in securing critical funding from across the GCC region.”
Alex Gemici, CEO & Chairman of Greenstone Equity Partners, said, “A key strategy for fast growing fund managers like Arden is to widen their LP base by raising capital from GCC investors. Since the COVID-19 pandemic, real estate remains a key investment strategy in the region. With Arden we are proud that we were able to deliver a top-ranked real estate fund to our investors.”
Omar Al Gharabally, President and Chief Placement Officer of Greenstone Equity Partners, added, “We are delighted to collaborate with Arden, who has been an important partner for Greenstone for many years, and whose entrepreneurial mindset and disciplined investment approach align with our investors’ strategy and vision.”
About Arden Group
Arden Group is a vertically integrated real estate investment management firm focused on equity and debt investments in the top 25 US MSA’s. Founded in 1989, Arden has acquired approximately $6 billion of properties and asset managed in excess of $11 billion of commercial real estate assets. To find out more visit www.ardengroup.com
About Greenstone
Greenstone Equity Partners is the largest fund placement firm in the Middle East and the leading provider of regulatory-compliant fund marketing and registration services in the GCC. Founded in 2011, Greenstone has over 50 professionals, 1700 GCC investor relationships, supporting fund managers with AUM’s of $1.4 trillion. To find out more visit www.gsequity.com
Contact greenstone.press@gsequity.com
+97143827600
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
