LOS ANGELES—Griffin Capital Corp. said Tuesday that it had launched Griffin Institutional Access Real Estate Fund to invest in private institutional real estate investment funds. The closed-end interval fund began reporting on Nasdaq under the GIREX symbol on June 30 and was trading at $25.02 per share as the markets closed on Monday.
The fund has engaged Hewitt EnnisKnupp and CenterSquare Investment Management as sub-advisors. Griffin Capital Securities Inc. is the exclusive wholesale marketing agent for the fund, which has already invested in RREEF America II, BlackRock Granite, AEW Core Property Trust, Sentinel Real Estate Fund, Clarion Lion Properties Fund, and MEPT Edgemoor.
Grffin launched the fund with an eye toward blending investments in private institutional funds and in public market real estate securities. It says this combination has been shown to provide current income and capital appreciation, with moderate volatility over the long term. Hewitt EnnisKnupp is advising on the private-fund allocation side, while CenterSquare will serve as sub-advisor for the public securities portion.
“We believe that the combination of our public and private investments, selected with the assistance of our two industry-leading sub-advisors, is a recipe for success for many investors in today’s market,” says Randy Anderson, portfolio manager for GIREX. In order to provide liquidity to shareholders, GIREX will make quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value.