Arden Group Announces Final Close of Arden Real Estate Partners, III L.P. at $500 Million in Equity
Dubai, United Arab Emirates – (BUSINESS WIRE) – Earlier this month, Arden Group announced the final close of the company’s third fully discretionary equity fund, Arden Real Estate Partners, III LP, valued at $ 500 million. Greenstone Equity Partners assisted Arden in closing the fund by raising capital from its network of institutional investors based in the GCC.
Craig A. Spencer, CEO of Arden, said, “Although the global pandemic has slowed fundraising, we are delighted to have reached the fund cap and our initial target of 300 million in institutional raised capital.”
Taking advantage of the upheavals caused by the global pandemic, the fund has already provided $ 350 million for opportunistic acquisitions in all three verticals: light / last mile industry, office and hotel. David Eberle, Managing Director, Arden Group, commented, “The Dubai-based Greenstone team has been tremendous support in raising key funding from across the GCC region.”
Alex Gemici, CEO and Chairman of Greenstone Equity Partners, said, “A key strategy for fast growing fund managers like Arden is to grow their LP base by raising capital from GCC investors. Real estate has remained an important investment strategy in the region since the COVID-19 pandemic. We are proud that with Arden we were able to deliver a first-class real estate fund to our investors. ”
Omar Al Gharabally, President and Chief Placement Officer of Greenstone Equity Partners, added: “We are delighted to be working with Arden, who has been a key partner to Greenstone for many years and whose entrepreneurial mindset and disciplined investment approach match that of our investors . Strategy and vision. ”
About Arden Group
Arden Group is a vertically integrated real estate investment management company focused on equity and debt investments in the top 25 US MSAs. Founded in 1989, Arden has acquired approximately $ 6 billion in real estate and managed over $ 11 billion in commercial real estate. To learn 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 fund marketing and registration services in the GCC. Founded in 2011, Greenstone has 50+ professionals, 1,700 GCC investor relationships, and supports fund managers with $ 1.4 trillion in assets under management. To learn more, visit www.gsequity.com
* Source: AETOSWire