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Laxman Pai, Opalesque Asia: AECOM-Canyon Partners, a joint venture between the real estate investment arm of engineering firm AECOM and Century City-based hedge fund Canyon Partners LLC, announced the close of its $500 million AECOM-Canyon Partners Equity Fund, the first vehicle launched by the joint venture.
AECOM's investment arm, AECOM Capital, has a total development value of $4.5 billion across roughly 11 million square feet while Canyon Partners has more than $25 billion in assets under management.
"The overwhelmingly positive response we received in the market underscores the strength of our partnership and the value we can bring to large-scale real estate development," said Michael S. Burke, AECOM's chairman and chief executive officer.
"We see substantial demand for core assets from institutional capital sources, but higher barriers to developing large scale projects. This partnership is designed to create high-quality assets in major markets across the country that offer buyers the stable income they are seeking in today's low yielding world," said Josh Friedman, Canyon's Co-Founder, Co-Chairman, and Co-CEO.
The platform intends to provide joint venture equity across over $4 billion of assets with high-quality development partners, primarily targeting "build-to-core" investments in the top 25 U.S. markets across all property types, including multifamily, mixed-use, office, hospitality, industrial, and student housing.
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