PHOENIX, AZ, Dec..1, 2011 – Vestar, one of the leading privately held real estate companies in the western United States, announced today that it has launched a retail investment fund, Vestar Strategic Retail Partners. Vestar is looking to raise $250 million of equity capital by mid-year 2012.
Vestar Strategic Retail Partners will acquire value-add retail properties ranging from $20 million to $100 million in the West and Southwest regions of the United States. The fund will consider individual properties and portfolios. Once raised, the fund will be Vestar’s exclusive vehicle for acquiring properties. Dallas-based Stephen Inc. is marketing the fund to investors.
“We believe this is a great time to invest in value-add retail properties,” said Bob Cavanaugh (top right photo), Chief Investment Officer of Vestar. “With our firm’s track record of acquiring and stabilizing struggling assets, we are confident that our in-house capabilities will create meaningful value for the fund’s investors.”
In the last two years Vestar has acquired more than $400 million in shopping center assets in conjunction with institutional partners. Currently, it manages more than 21 million square feet of retail properties with an average occupancy of 97 percent. Vestar’s strategy is to acquire and reposition properties with a three to seven year hold period. The firm targets leveraged returns in the mid to high teens.
For more information, please visit http://www.vestar.com/
Contact:
David Ebeling
Ebeling Communications
(949) 278-7851
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