Cabot Properties has raised $490 million for Cabot Industrial Core Fund II, more than 80 percent of its $600 million goal. Launched last October without a hard-cap, Core II is expected to finalise fundraising by the end of the year.
Pennsylvania Public School Employees’ Retirement System, New York State Teachers’ Retirement System, and Teachers’ Retirement System of Louisiana are amongst the investors who contributed to the fund.
Core II will continue to target the acquisition of Class A distribution properties in 12 core industrial markets in the US, following previous purchases of two properties, Cicero and Beltway Southwest Business Park, totalling $115 million.
The US core industrial vehicle looks to generate a net return target of 8-10 percent, whilst its predecessor Core I, which accumulated $443 million against its $750 million target, had a net return of 15 percent.
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