NEW YORK, Jan. 6, 2015 /PRNewswire/ -- CenterSquare Investment Management Holdings, Inc., a BNY Mellon investment boutique specializing in real assets investing, announced a first closing of approximately $100 million for its CenterSquare Value-Added Fund III, L.P.
CenterSquare has set a target of raising $500 million for the fund.
The fund invests in middle-market transitional real estate assets across the U.S. that require structuring and repositioning expertise to maximize cash flow and market value. The fund targets special situation investments of $15 million to $50 million in the office, multifamily, retail, industrial, parking and hospitality sectors.
CenterSquare partners with local real estate operators in an effort to achieve a competitive advantage in both investment sourcing and business plan execution. The firm also benefits from market research obtained from its in-house public real estate securities research and investment platform.
"We believe that the best way to achieve appropriate risk-adjusted returns in the current yield-starved environment is to create value through the acquisition of properties that require capital improvements or financial restructuring," said P.J. Yeatman, head of private real estate for CenterSquare. "Successful execution can result in durable income streams that can be monetized at healthy premiums. We also continue to pursue special situations by targeting owners of real estate that are asset rich such as faltering operating companies, municipalities and distressed owners. We see these channels of opportunity as being highly complementary to our traditional sourcing strategies."
Notes to Editors:
CenterSquare was founded in 1987 and offers a variety of real asset strategies and products. CenterSquare manages approximately $6.8 billion of public real estate securities through CenterSquare Investment Management, Inc. and approximately $1.5 billion (gross) of debt and private equity real estate investments through CenterSquare Investment Management Holdings, Inc. (together referred to as "CenterSquare"), as of September 30, 2014. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. It is one of the investment boutiques of BNY Mellon Investment Management.
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September. 30, 2014, BNY Mellon had $28.3 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
All information source BNY Mellon as of September 30, 2014. This press release is qualified for issuance in the US only and is for information purposes only. This press release is issued by BNY Mellon Investment Management to members of the financial press and media and the information contained herein should not be construed as investment advice.
The Fund is not registered under the Investment Company Act of 1940, as amended, in reliance on an exception thereunder. The Fund does not intend to register the interests under the Securities Act of 1933, as amended, or the securities laws of any state and intends to be offered and sold in reliance on exemptions from the registration requirements of the '33 Act and state laws. Unregistered funds are generally not subject to the same regulatory oversight and/or regulatory requirements as mutual funds. Unregistered funds may not be required to provide periodic pricing or valuation information to investors. Investments may involve complex tax structures and delays in distributing important tax information. Fund interests are subject to restrictions on transferability and resale, and there will be no public market for the Fund interests.
An investment in the Fund is speculative and involves a high degree of risk, and there can be no assurance that a fund's investment objectives will be realized. Investment value will fluctuate, and an investor could lose all or a substantial portion of his or her investment. An investment in the Fund may be highly illiquid. The Fund may leverage its investments which may substantially increase the risk of loss. Because the Fund concentrates its assets in the real estate industry, an investment is closely linked to the performance of the real estate markets. Investing in real estate entails particular risks and uncertainties which include: significant fluctuations and cycles in value; the fair value of the Fund's investments may be not readily determinable; the activity of identifying, completing and realizing attractive real estate investments is highly competitive and involves a high degree of uncertainty; and the significant effect changing interest rates can have on valuation and overall costs to the Fund. These and other risks are described in more detail in the Fund's Confidential Private Placement Memorandum. Past performance is not a guide to or indicative of future results.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy which may be made only at the time a prospective investor receives a Confidential Private Placement Memorandum describing the offering and related subscription agreement. Prospective investors should read the Fund's Confidential Private Placement Memorandum and consider the Fund's objectives, risks, charges and expenses carefully before investing. Fund interests will only be sold to qualified purchasers.
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SOURCE BNY Mellon