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PHILADELPHIA-Berwind Property Group closes out two, co-mingled investment funds, yielding an average aggregate net return in excess of 20% to its partners. These are BBG Investment Partnerships II and III.

Fund II consisted of approximately $66 million in equity commitments. It opened in March 1995 and funded the acquisition of about 2.5 million sf of office and industrial properties along with more than 200 acres of land zoned for residential and office development.

Fund III, begun in June 1996, totaled $110 million in equity commitments. It funded the purchase of more than 1.6 million sf of office and industrial buildings, 5,083 apartment units, 568 single-family homes and a hotel.

Since 1991, locally based BPG has raised more than $1 billion in equity capital through six investment partnerships and one co-investment fund. It is currently investing in BPG Investment Partnership VI, a $384-million equity fund comprised of 19 institutional investors.

Arthur Pasquarella, BPG’s COO, says the company has committed more than 40% of the sixth fund’s equity “and (we) have a substantial pipeline of pending transactions. We anticipate being fully invested during 2004.” He expressed confidence in “value-added real estate opportunities,” and says the company expects to begin marketing its seventh fund next year.

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