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Teaming up with American Real Estate Partners, the Chicago-based firm is betting that multi-building properties are the future for the niche property type.
The $293bn manager launched its ninth real estate fund in January with a $6bn target.
The Florida-based firm's focus on specialty property types propelled it to a record close for its sixth opportunistic vehicle.
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The firm has added medical, life sciences and research-related real estate assets to its latest flagship fund strategy.
The mega-manager is ahead of schedule on deploying several opportunistic funds and using core-plus capital to close its biggest deals, its COO says.
The US firm has already started making investments from the vehicle, which will focus on hard assets and is expected to have significant exposure to China.
Private real estate investors can expect the Chinese developer to offload some of its better-quality assets but should not anticipate any major fire sales.
China Investment Corporation, Future Fund and National Pension Service of Korea are among the backers of the firm's 10th opportunistic real estate fund.
Investors continue to back the Chicago-based firm's Asian Opportunity Fund series despite Mark Gabbay's departure as key man.
The New York manager is not tied to a specific allocation strategy for REPA III, and that is the way investors like it, the firm says.
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