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MORRISTOWN, NJ-Private real estate investment fund manager Hampshire Cos. has formally launched its seventh closed-end fund. Hampshire Partners Fund VII is a commingled, discretionary value-added fund targeted at institutional investors.

And Fund VII has already raised $350 million from 20 investors, a mix of endowments, foundations and public/private pension funds. With a target portfolio leverage in the 65% range, the fund figures to acquire upwards of $1 billion of real estate during its investment period.

“Fund VII’s investment strategy will focus on the acquisition of properties primarily in the Northeast and Mid-Atlantic regions,” says James Hanson II, Hampshire’s president and CEO. “Within these markets, we will utilize our expertise to materially enhance the properties’ value through repositioning asset level cash flows by upgrading tenant rent rolls, updating and upgrading existing physical facilities, expanding existing buildings, adaptively re-using existing properties and conducting value-added property management and leasing activities.

“Many of our Fund VII investors are institutional investors who participated in our Fund VI $235-million offering,” Hanson says. “This is a sophisticated market that demands performance, value and results.”

And Fund VII is already 6.4% invested, Hanson reports. It has acquired five assets with an aggregate value of more than $67 million.

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