Taurus Investment Holdings has closed on its first investments through its debut real estate fund, Taurus US Logistics Fund I.
The Boston-based private equity real estate firm acquired a portfolio of five US logistics properties for a total of $150 million. The properties – totaling 2.7 million square feet – are located in Atlanta; greater Providence, Rhode Island; and Memphis, Tennessee, according to a statement. The overall portfolio currently is 93.5 percent occupied.
The properties were purchased from Taurus affiliates as seed assets for Fund I. The affiliates had originally acquired the assets from 2012 to 2015. Taurus has historically invested in real estate through nearly 200 club deals with a network of approximately 500 European, US and other international high-net-worth investors.
“We are excited have made the first investment of the fund,” said Peter Merrigan (pictured), the firm’s chief executive and founding partner, in a statement. “This closing is a great step forward in executing our strategy focusing on logistics properties in the US.”
With the transaction, the firm has now deployed $60 million of equity, or about 23 percent, of the total $257 million that was raised for the fund. In April, Taurus held a final close on Taurus US Logistics Fund I, including $157 million of discretionary capital from a number of Middle Eastern family offices, which are new clients for the firm. Additionally, Taurus and a number of existing high-net-worth investors committed $100 million in a sidecar vehicle to invest along the fund.
In total, the firm will have total firepower of approximately $750 million for its US logistics platform over the next 18 months. The platform will focus on value-added logistics investments in US cities within Taurus’s existing operating footprint.
Steve Roth of CBRE’s debt and structured finance group acted as the debt broker on the transaction. Met Life Insurance Company provided first mortgage financing.