HARTFORD, Conn., March 12, 2012 /PRNewswire/ -- Cornerstone Real Estate Advisers, one of the world's largest real estate investment advisory firms, today announced the final closing of Cornerstone Real Estate Fund VIII (CREF VIII) with $546 million in capital raised, significantly more than its original $400 million target.
CREF VIII will target property types and markets that Cornerstone expects to have above average growth potential as the US economic recovery evolves, with a focus on markets with high concentrations of employment in the technology, energy and health sectors.
A diverse pool of more than two dozen domestic and international institutional investors invested in the Fund, which has already completed five acquisitions, with two more pending.
With the Fund's closing, Cornerstone and its subsidiaries have more than $33 billion in assets under management.
Thomas G. Dudeck, the Fund's portfolio manager and also Cornerstone's chief of investment strategy, attributed robust interest in the Fund to Cornerstone's strong performance in its series of value added funds and to its past experience executing a similar strategy as the economy recovered from the recession precipitated by the tech crash in 2001.
"We're targeting investments in markets that we believe will be the fastest-growing in terms of job recovery. It's a strategy we executed successfully coming out of the last major downturn, and our overall track record has engendered confidence among investors," said Dudeck.
The successful capital raise follows other recent Cornerstone achievements, including more than $2 billion in equity acquisitions and dispositions and nearly $6 billion in debt investing in 2011, as well as an expansion of the firm's European platform.
For more information about Cornerstone, visit www.cornerstoneadvisers.com.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with affiliate and subsidiary offices in the US, UK, Europe and Asia, is one of the world's largest real estate investment advisers. It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Cornerstone and its subsidiaries have assets under management totaling more than $33 billion. More information is at www.cornerstoneadvisers.com
Contact: Patrick Collins
SOURCE Cornerstone Real Estate Advisers LLC