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Laxman Pai, Opalesque Asia: Prime Group Holdings, one of the largest private owners of self-storage assets in North America, has closed its third flagship fund at the hard cap of $2.5 billion, exceeding its target of $1.5 billion.
According to a press release from the vertically-integrated private equity real estate firm, Prime Storage Fund III is the company's largest fund to date and the largest fund ever raised focused exclusively on self-storage.
Fund III received significant support from a diverse global base of new and existing Prime Group investors, including sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices, and foundations. Over 30 countries are represented in the Fund's investor base.
The company said that Fund III builds on Prime Group's proven strategy of acquiring self-storage assets in undersupplied markets across the U.S. and streamlining operations through institutional management.
"Prime Group will continue to use its proprietary resources to directly source off-market transactions and provide full-service property management," it said. To date, Fund III has deployed 18% of its total equity.
Robert Moser, Prime Group's Founder, Principal, and Chief Executive Officer, said, "We are pleased to have closed our third flagship fund, the largest in history in the self-storage sector. This achievement is a testament to the strength of our platform, our differentiated, data-driven inves...................... To view our full article Click here
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