Related Companies Raises $1 Billion for Real Estate FundBy
A few years after the recession, Related Companies — the real estate firm behind New York landmarks like Time Warner Center and Hudson Yards — started a fund to invest in distressed properties and refurbish them to sell at a higher price.
Over the last three years, the real estate market has largely bounced back to record highs. Now, Related has raised the capital for a second so-called opportunistic fund, testing its renovate-and-flip model in the healthier environment.
Related is expected to report on Tuesday that it had received equity commitments of more than $1 billion, surpassing a target of $850 million, for Related Real Estate Fund II. Included in the investment roster are sovereign wealth funds, public pension plans, endowments and family offices…
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