• Tue. Jun 21st, 2022

Centerbridge Fund focused on self-storage and real estate investments

ByWillie M. Evans

Jan 28, 2022

Private investment firm Centerbridge Partners LP has closed its second real estate fund, which will target self-storage and other real estate investments. Centerbridge Partners Real Estate Fund II (CPREF II) received $2.3 billion in capital commitments, exceeding its original target of $1.5 billion, according to a press release.

In addition to self-storage, the fund will continue to invest in digital real estate as well as industrial, residential, “specialty storage” and other sectors, including leisure and experience real estate, says the press release. The capitalization of CPREF II represents an increase of more than 150% compared to the company’s first fund, which closed in December 2018.

“We continue to see real estate markets evolve as technology accelerates demand for asset classes ranging from logistics to digital real estate and impacts how businesses serve customers in residential, storage and recreation,” said William Rahm, Senior Managing Director and Head of Real Estate. “The flexibility of our strategy and the breadth of our team’s capabilities position us well to invest strategically in this dynamic environment. We look forward to identifying a diverse range of investments where we see strong growth and an opportunity to create significant additional value for our investors.

Last year, a joint venture between Centerbridge, Singapore’s sovereign wealth fund GIC Private Ltd. and self-storage real estate firm Merit Hill Capital acquired 57 self-storage facilities from Prime Storage Holdings LLC for $636 million.

Centerbridge is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. Based in New York, it manages approximately $33 billion in capital. Over the past 15 years, he has invested over $10 billion in real estate and other interests on his platform. The company’s real estate team manages approximately $3.2 billion in assets, according to the statement.

Source: The Salamanca Press, Centerbridge Partners Exceeds Closing Target for Second Real Estate Fund at $2.3 Billion