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Hampshire launches $350m fund

New Jersey-based private real estate fund manager The Hampshire Companies has launched a $350m fund targeting the US industrial, retail and suburban office markets.

The Hampshire Companies has launched its seventh closed-end fund, Hampshire Partners Fund VII, which raised $350 million (€247 million) from 20 institutional investors.

The fund will target value-add opportunities in the industrial, retail and suburban office space in the US.

“Hampshire Partners Fund VII’s investment strategy will focus on the acquisition of properties primarily in the Northeast and Mid-Atlantic regions,” James Hanson, chief executive officer and president of The Hampshire Companies, said in a statement.

The company plans to add value to its acquisitions through capital improvements such as upgrading physical facilities, expanding existing buildings through development of adjacent land and adaptively re-using existing properties, according to Hanson.

The new fund is currently 6.4 percent invested and has already acquired five assets totaling more than $67 million. With leverage, the fund has the capacity to acquire approximately $1 billion of real estate.

The Hampshire Companies, headquartered in Morristown, New Jersey, currently owns and operates 224 properties across the US totaling close to five million square feet. A large percentage of the company’s portfolio is invested in the industrial and retail markets.