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PLYMOUTH MEETING, PA-Locally based Urdang Capital Management closed the Urdang Value-Added Fund LP having raised $267.3 million of equity and exceeding its target range of between $200 million and $250 million. This gives the fund approximately $800 million in buying power.

According to Richard Ferst, COO, Urdang will use this fund to invest primarily in office, retail, multifamily and industrial properties throughout the US and will target properties with from $15 million to $40 million of total capitalization. The objective is to provide investors with an annualized net return of between 16% and 18%. To date, the fund has acquired eight properties with an aggregate capitalization of $135 million. Banc of America Securities acted as the fund’s advisory and placement agent.

While Urdang has been providing real estate investment management services, primarily to institutional investors, since 1987, this is its first commingled investment vehicle. Investors typically include corporate, municipal and Taft-Hartley pension funds; foundations and high net-worth individuals. Investors in the current fund include both long-time separate account clients and newcomers to Urdang.

Scott Urdang founded the company in 1987 to focus on the value-added sector of the commercial real estate market. It manages both private equity investments and portfolios of real estate securities, primarily publicly traded REITs. Currently, it has approximately $3 billion of assets under management, including $900 million in REIT securities.

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