04 October 2017
New York
Reporter: Theo Andrew

Pension funds invest in TH Real Estate’s $400 million housing fund

TH Real Estate has close its CASA VII US Multifamily Housing Fund having raised $245 million of equity from four pension funds.

After leverage, the fund will have approximately $400 million in firepower, targeting value-add rental properties in the US.

Three large US pension funds, all repeat CASA fund investors, and one German pension fund raised the equity.

Since closing, CASA VII has acquired seven properties, five of which will deliver workforce housing to communities, meaning they are exempt from federal, and in some instances, state tax.

The properties are located across California, Texas, Virginia, Minnesota and Florida.

TH Real Estate’s multifamily-housing investment platform comprises 32,000 units in urban luxury, workforce and student housing, valued at $10 billion.

Jay Martha, TH Real Estate’s Head of US Multifamily Investments, said: “The CASA strategy takes an integrated approach, combining multiple value-enhancing investment strategies with income-enhancing, low-cost specialty bond financing to meet its goals.”

He added: “Institutional investor interest in US rental housing remains strong, reflecting the opportunities created by the current economic and demographic trends impacting this sector. As one of the largest multifamily investors in the world, our varied strategies for investment in US housing are designed to meet the broad demands of a large and diverse renter pool.”

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