Urdang closes $463m RE fund

The investment management firm’s second value-add vehicle will target investments in office, retail, industrial and multi-family properties throughout the US.

Urdang Capital Management, a subsidiary of BNY Mellon Asset Management, announced in a statement today it has closed its Urdang Value-Added Fund II with $463 million (€293 million) in equity capital. With leverage, the fund has a purchasing power of approximately $1.4 billion.

The latest vehicle is Pennsylvania-based Urdang’s second value-added fund, raised from long-time separate account clients and investors in its first fund, as well as endowments, foundations, high net worth individuals, corporate, public and Taft-Hartley pension funds.

Urdang Value-Added Fund II will focus on investments in the office, retail, industrial and multi-family sectors. To date, the fund has acquired eight properties throughout the US with an aggregate capitalization of $400 million. The fund had its final closing in February 2008.

Urdang Capital Management, founded in 1987, manages more than $2 billion in public real estate securities and $1 billion in private real estate investments for institutional investors and high net worth individuals globally and across public and private capital sectors.